Since its listing, Coliwoo acquired several assets, including 1 King George’s Ave and Park Avenue Changi. In addition, it entered into a partnership to redevelop a resort at Jalan Loyang Besar. It signed a sale-and-leaseback agreement for Coliwoo Hotel Pasir Panjang while planning the launch of Coliwoo Midtown at Middle Road in 1Q2026.
As of Feb 10, shares in Coliwoo are trading at 57 cents, about 4% lower than its IPO price. The stock was in a downtrend right after listing, but some positive developments helped boost the share price back to where it is now.
Analysts say this price dislocation from its IPO makes a good entry opportunity for investors, provided they are willing to overlook some short-term market volatility.
Currently, analysts from Maybank Securities, Tickrs, CGS International, RHB Bank Singapore and DBS Group Research have all rated this stock a “buy” or “add”.
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Coliwoo is one of Singapore’s largest co-living players, with about 2,933 rooms across 25 locations, including 714 rooms under renovation or not yet operational. In the coming two to three years, Coliwoo aims to add at least 800 rooms annually to its portfolio.
According to Maybank’s Eric Ong, Singapore’s safe-haven status as a regional business, medical and educational hub makes co-living a preferred option for many young professionals and students, given flexible lease terms and unique value propositions.
Coliwoo currently holds a 19.5% share of Singapore’s co-living market, by number of rooms. As at Sept 30, 2025, Coliwoo achieved a 96.1% occupancy rate across all operational properties in its portfolio.
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Meanwhile, Tickrs analyst Jaimes Chao sees a buying opportunity, given that its post-IPO performance has been muted. He attributes the lukewarm market reception to broader sector rotation away from yield-sensitive real estate plays and a misunderstanding of Coliwoo’s earnings quality, which was distorted by non-cash fair value adjustments for its investment properties.
Chao says investors are seemingly paying for a stagnant property play but receiving a high-growth hospitality platform. The disconnect lies in the market’s failure to fully price in the 36% capacity expansion scheduled over the next 12–18 months and the embedded operating leverage as the portfolio scales.
The market currently values Coliwoo at roughly 11.6 times FY2025E core P/E. In Chao’s view, the multiple fails to capture the company’s aggressive growth trajectory — with core patmi expected to grow 62.9% y-o-y in FY2025 — and its strategic pivot towards a capital-efficient, asset-light expansion model.
Currently, the fragmented co-living market in Singapore is undergoing rapid consolidation, observes Chao. Estimates suggest 30–40 active operators, with the “Big Five” controlling over 65% of the inventory. Coliwoo leads this pack, followed by The Assembly Place, which was listed in January.
In their Jan 14 note, Tan Jie Hui and Lim Siew Khee of CGS International describe Singapore’s co-living sector as “in the midst of a structural upswing”, which Coliwoo is well positioned to capitalise on, due to its “scale, brand strength and proven execution record”. Their target price of 74 cents is underpinned by strong earnings visibility and growth prospects.
Vijay Natarajan of RHB Bank Singapore is even more bullish. He notes that Coliwoo has demonstrated its capital management capabilities by monetising two owned assets through sale-and-leaseback transactions, and that further expansion will also come from leased sites and management contracts, rather than solely through acquisitions.
DBS 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.”
The analysts are also upbeat about the Park Avenue Hotel Changi acquisition, expecting that, post-asset conversion, the asset can attract a major group of travellers, including business travellers within Changi Business Park and Expo, as well as accommodation demand from SUTD.
