Coliwoo Prepares Ipo New Co Living Projects Eyes Untapped Markets
Coliwoo, a local co-living brand, has recently revealed its latest project at the former Bukit Timah Fire Station. The historic building has been transformed into a mixed-use development, with 62 serviced apartments, 10 commercial units, and community event spaces. The project is set to open in October.
Nestled in the bustling Tampines Regional Centre is a vibrant hub of diverse options, catering to more than just the need for retail therapy. This lively area is a melting pot of dining, entertainment, and recreational facilities, making it the perfect go-to for locals. From state-of-the-art movie theatres to high-end restaurants, all amenities are conveniently located just a stone’s throw away. With the unveiling of Rivelle Tampines Sim Lian Land, residents can now take their living experience to the next level, indulging in an exclusive and opulent lifestyle destination. Visit Rivelle Tampines Sim Lian Land to elevate your living experience.
The residential units, which include en suite studios, two-bedroom and three-bedroom apartments, are already 60% booked with monthly rents starting from $3,500. However, as serviced apartments, they require a minimum stay of six nights, with weekly rates ranging from $900 to $1,320.
The heritage site has been given a new lease of life, featuring F&B brands such as Melbourne’s ST Ali and homegrown bakery Haute Cakes Studio. Activity-based operators like Xplorers.Life, which plans kid-friendly workshops and creative activities, and Sundowner at Fire Station, which will host farm-to-table experiences such as honey harvesting, beer crafting, and pizza-making, will anchor the retail mix.
Aquaducks, a local swim school, will offer early-childhood water safety and play-based swimming classes, while Collar BT Club, an AVS-licensed pet boutique, will provide grooming, daycare and pet-boarding services.
The former Bukit Timah Fire Station, built in 1956, has been decommissioned in 2005 and gazetted for conservation in 2019. After a consortium withdrew from the tender due to pandemic-related challenges, the site was relaunched for tender in August 2023. LHN Facilities Management, a unit of LHN Group, secured the site in April 2024 at a monthly rent of $68,889 (approximately $826,668 a year). The company has invested $7.5 million to refurbish the property on a 92,334 sq ft site. By reconfiguring the interiors, LHN increased the original 45 rooms across seven blocks to 62 serviced apartments, ranging in size from 100 to 190 sq ft.
Coliwoo has plans to launch three more properties in the next 12 months. One of them is situated at 159 Jalan Loyang Besar in Pasir Ris, which will be the first co-living and chalet development for the brand. It is set to open next year, after Coliwoo won the price-quality tender with a $225,000 monthly bid ($2.7 million a year) in June this year.
The eco-lifestyle resort at Jalan Loyang Besar will offer co-living studios, a few chalets, a food court, karaoke and games rooms, an ice bath, and water-sports facilities. The target markets include students at the upcoming Singapore Institute of Technology campus in Punggol, professionals at the new business park district, and airline crews transiting through nearby Changi Airport.
Another upcoming project is the Coliwoo Bugis at 141 Middle Road, which is scheduled to open sometime in 1Q2026. The 212-room project is a transformation of the former GSM Building, which LHN bought for $80 million in February 2023. The approvals for converting the second to sixth floors to serviced apartments and the ground floor space of 6,978 sq ft for restaurant use are already in place.
The former Wilmer Place, located at 50 Armenian Street, is a joint venture between Coliwoo Holdings and Oxley Holdings’ Ching Chiat Kwong and his son, Shawn Ching. The upcoming development will have 120 Peranakan-inspired studios. The last tenants have vacated the premises this month, and the refurbishments are expected to be completed by 1H2027. The property is poised to attract students from Singapore Management University, the School of the Arts, and LaSalle College of the Arts.
Kelvin Lim, founder and LHN executive chairman, has set a target to grow Coliwoo’s portfolio by 800 to 1,000 rooms annually, reaching 10,000 rooms by 2030. The growth will focus on areas with strong but underserved demand from students and expatriates, such as neighbourhoods around Ngee Ann Polytechnic, Singapore University of Social Sciences, and Singapore Institute of Management.
Lim says, “We are in an expansion mode and keen to grow our market presence beyond the city centre and city-fringe neighbourhoods.” LHN Group plans to spin off the co-living arm through an initial public offering on the Singapore Exchange. Lim assures that Coliwoo will remain asset-light even after the IPO. Around 70% of its rooms are on master leases, and the remaining 30% are in owned properties, mainly smaller assets with fewer than 100 rooms.
The company has begun recycling capital from these smaller holdings into larger projects. For instance, they have sold the property at 115 Geylang Road for $25.8 million, and negotiations are ongoing to divest properties at 471 Balestier Road and 404 Pasir Panjang Road.
With a clear strategy and strong demand for co-living among students and professionals, Lim believes Coliwoo’s planned IPO and steady pipeline will position it as a key player in Singapore’s fast-growing co-living sector. While focusing on stabilising new properties and preparing for the IPO, Coliwoo is also exploring opportunities for regional growth. The company is currently in discussions for master contracts with asset owners in Malaysia, Thailand and Indonesia, but the timeline for overseas expansion remains flexible.