Co-living business Coliwoo Holdings has lodged its preliminary prospectus with the Monetary Authority of Singapore (MAS) in relation to its proposed listing on the Mainboard of the Singapore Exchange.
Coliwoo’s co-living business has been operated under LHN Group, a real estate services management group. Coliwoo was established in 2018, and has 25 properties in Singapore.
Its strategy is to expand its portfolio to 4,000 rooms in Singapore by the end of 2026, up from 2,933 rooms as at the latest practicable date. This growth will be driven by a combination of upcoming developments, master lease agreements and management contracts.
Coliwoo intends to use gross proceeds raised from its listing to expand its co-living business through leased properties in existing and new markets; through owned and joint ventures; repay loans; and for general working purposes including manpower costs.
For 1HFY2025, Coliwoo maintained an average occupancy rate of over 95% for all the properties in operation in our portfolio.
For FY2023, revenue increased by 83.6% y-o-y to $28 million from $15.3 million in the same period a year ago due to new properties and higher occupancy and rental rates in other co-living spaces.
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Revenue grew 86% y-o-y in FY2024 to $52.2 million due to three new properties that began generating revenue; full year revenue contribution from two properties in FY2024; new facility services contract provided under the group’s management; and higher rental rates.
For FY2024, cost of sales also increased 160.9% to $20.8 million due to site maintenance, higher rental expenses, employee benefits, among other reasons as business expanded. Coliwoo reported a profit for the year of $31.6 million for FY2024.
For this year, revenue for 1HFY2025 increased to $23.1 million, by 16.3% y-o-y from new sites, full period revenue contribution from one property, and higher occupancy from some other properties. Profit for the period grew 14.8% y-o-y to $9.6 million in 1HFY2025.
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Coliwoo had cash and cash equivalents of about $28.4 million and indebtedness of about $252.5 million as at end August 2025. It generated net cash from operating activities of about $15.4 million and $10.6 million for FY2024 and 1HFY2025 respectively.
The cornerstone investors in Coliwoo are Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management, Maybank Securities, UOB Asset Management, Value Partners Hong Kong and Whitefield Capital Management.
