Analysts Geraldine Wong and Derek Tan say: "We price in additional operational beds growing with Coliwoo’s two year room growth target, with a one-year operational ramp up to stabilisation."
Coliwoo has the lion’s market share of co-living room keys in Singapore, owning close to about 20% of total market share, and dominating the supply pipeline.
The company’s legacy business model in space configuration and modification allows it to scale rooms at an unprecedented rate and repurpose older buildings into co-living assets as opposed to peers operating under the owner-operator model or competing in the private residential market. The listed portfolio consists of a total of 2,933 rooms across 25 properties, with strong occupancy of 96.1% for FY2025.
According to Cushman & Wakefield's research, the co-living segment remains underserved in today's rental market with beds making up just 6% of total rental housing stock in Singapore 2025.
Co-living fills a clear gap by serving foreign students and foreign professionals working in Singapore, a community of over 400,000 residents and growing. Latest housing policies place higher barriers of property ownership for foreigners, which in turn is driving demand structurally higher.
The way Wong and Tan see it, the brand proposition focuses on Comfort, Convenience and Community. Flexibility in lease terms and a plug-and-play model also makes for a fuss-free living format that resonates with young renters. Portfolio room rates are kept at a palatable sub-$3,000 per month, giving the brand strong pricing appeal compared to traditional rental options.
On that note, Coliwoo will see close to 600 keys delivered in 2026, including 141 Middle Road, 159 Jalan Loyang and Bukit Timah Fire Station (already completed and launched). The company targets the delivery of another 800 keys per year for FY2026 and FY2027.
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Coliwoo has articulated its execution prowess well in relation to the delivery of forward keys and is in the process of securing another 1,140 keys (including SLA tenders with results pending) within a short span of three months since IPO. This will make up about 70% of its two-year key strategy for 2026–2027.
"Execution of beds comes slightly ahead of our expectations and builds confidence that Coliwoo is on track to fulfil its key target of 4,000 keys by end-2026," say Wong and Tan. Over the medium term, the group plans to expand into high-potential regional markets across Southeast Asia, such as Jakarta, Bangkok, Kuala Lumpur and Johor Bahru.
The analysts are also in the view that Coliwoo, while it being a spin-off listing from LHN, could emerge as a pure play accommodation REIT in the future.
