Coliwoo’s IPO, priced at 60 cents per share, drew nine cornerstone investors, including UOB Asset Management, Maybank Asset Management Singapore and Value Partners Hong Kong, as well as Avanda Investment Management, one of the managers appointed under the Monetary Authority of Singapore’s (MAS) $6.5 billion Equity Market Development Programme (EQDP). The offer was 8.2 times subscribed overall, with the public tranche 20.7 times covered.
The Assembly Place’s IPO, priced at 23 cents per share, drew seven cornerstone investors, including Apricot Capital, Asdew Acquisitions and Cache Capital. Two managers appointed under the MAS’s $6.5 billion EQDP, Avanda Investment Management and Lion Global Investors, each took 5% or more of its offering. The offer was 5.2 times subscribed overall, with the public tranche 35.5 times covered.
The two stocks have moved differently since listing. Coliwoo last traded at about 50 cents, roughly 17% below its IPO price. The Assembly Place last changed hands at 23 cents, flat against its offer price but below the 29 cents at which it closed on its first day.
Singapore’s co-living sector is emerging as a stable, mainstream asset class, with 65% of investors in Jones Lang LaSalle’s (JLL) 2025 survey accepting internal rates of return below 15%, up from 27% in 2023.
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Driven by high additional buyer’s stamp duty rates, foreign student demand, and restricted supply, the market is projected to grow from $8.6 billion in June 2025 to $9.7 billion by 2030, according to OCBC Investment Research, citing Knight Frank.
As the 1HFY2026 earnings season concludes, the focus shifts to how listed operators are leveraging this robust market growth.
Coliwoo and LHN
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Coliwoo is the purest way to play the co-living theme. Established in 2018 under the Coliwoo brand by LHN, it was spun off and listed on the Mainboard in November, with LHN retaining about 65% ownership. As at end-March, Coliwoo operated 3,568 rooms across 28 assets at an occupancy rate of 97%. Its 1HFY2026 core patmi rose 14% y-o-y to $8.6 million, in line with expectations, on a 17% rise in revenue to $26.9 million.
LHN’s backing sets Coliwoo apart from a standalone rival like TAP. The real estate management group runs four businesses: Space optimisation, which houses co-living; industrial and self-storage; and property development, facilities management and energy. Its property businesses long predate the co-living arm. LHN trades at 64 cents for a market value of about $279 million, with a dividend yield of roughly 6.5%, and posted 1HFY2026 net profit of $16.8 million.
Analysts are split on LHN. CGS International’s Tan Jie Hui and Lim Siew Khee have cut LHN to “hold” with a target of 67 cents, down from 88 cents, arguing that the Coliwoo listing dilutes LHN’s effective stake in its fastest-growing unit, handing more profit to minority shareholders and leaving limited growth drivers elsewhere. Maybank Securities’ Eric Ong retains a “buy” call with a target price of 70 cents, and PhillipCapital’s Paul Chew also rates it “buy” at 77 cents. Both point to asset recycling plans and a dividend well covered by earnings.
Coliwoo’s near-term growth comes from three properties. Coliwoo Midtown on Middle Road, with 212 rooms, opened in March and is filling up. A resort-style chalet at Jalan Loyang Besar with about 380 rooms is due in 3QFY2026. A 368-room conversion of the former Park Avenue Hotel at Changi Business Park follows in 1QFY2027. On the capital side, Coliwoo completed a sale-and-leaseback of its 404 Pasir Panjang Road property in January for $43.9 million and is in talks to divest five owned assets with a combined book value of about $130 million. The group’s long-term target is 10,000 rooms by 2030.
CGS International rates Coliwoo “add” with a 74 cents target, derived from a discounted cash flow model that assumes core patmi will compound at about 25% a year through FY2028. RHB Bank Singapore’s Vijay Natarajan is more bullish, with a “buy” and a target price of 82 cents, implying 66% upside. He pegs the stock at 15 times blended FY2026–FY2027 earnings and expects net profit to roughly double by FY2028.
Kelvin Lim, executive chairman and CEO of Coliwoo, says the strong investor response at the IPO reflects confidence in the group’s market-leading position. “With our 19.5% market share of Singapore’s co-living market and proven capabilities, we believe we are well-positioned to capitalise on favourable sector dynamics whilst delivering sustainable value for all stakeholders,” Lim says.
The Assembly Place
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The Assembly Place grows differently. It does not own buildings. It takes on the operational role through leases, management contracts and joint ventures while property owners hold the assets. That approach was on display on June 3, when TAP announced a joint venture with TS Home to convert the historic Phoenix Park site on Tanglin Road into Singapore’s largest co-living development, with more than 700 keys across 33 conserved colonial black-and-white buildings. TAP holds 39% and will run operations. It is the pair’s third collaboration.
TAP currently operates more than 3,400 keys across 100 locations and has close to 1,500 more in the pipeline. Knight Frank puts its market share at 34% as at December 2025, making it the largest community-living operator in Singapore by keys under management. Coliwoo’s own prospectus puts its share at 19.5% as at mid-2025. The gap narrows on an ownership basis, since some of TAP’s keys are in joint ventures where it holds minority stakes, whereas Coliwoo counts all rooms at properties it owns, leases, or manages outright.
SAC Capital’s Matthias Chan initiates coverage with a “buy” and a target of 36 cents, pegging the stock at 13.3 times forward earnings, in line with the peer average. KGI Securities’ Alyssa Tee and Chong Ting Shuo also rate it “outperform” with a target of 35 cents, derived from a DCF model using a 9% weighted average cost of capital. Both houses cite TAP’s asset-light model, visible pipeline and resilient occupancy as the key investment case. TAP trades at about 25.6 times forward earnings, compared with Coliwoo’s 10.4 times, though with a markedly higher forecast return on equity of about 28.6% versus Coliwoo’s 12.5%.
The fine print
The risks flagged across the research are broadly the same for both operators. Refurbishment and operating costs are rising, the lodging industry moves with the economic cycle, and competition for good sites is stiff.
The two companies are also built differently, and that shapes their risk profiles. Coliwoo owns or leases its assets with LHN’s balance sheet as backing. That means more income streams but also more capital tied up. TAP leases and manages properties without owning them, so that it can grow faster with less money down, but it relies on landlords to keep renewing and is more exposed when occupancy falls.
Both stories have merit. Coliwoo offers a cleaner earnings track record and stronger analyst backing at a cheaper valuation. TAP offers a bigger portfolio, a higher return on equity and an asset-light model that can scale quickly. The choice comes down to whether an investor prefers the steadier path or the faster one.
