Coliwoo Prepares Ipo New Co Living Projects Eyes Untapped Markets

Coliwoo, a local co-living operator, recently announced its latest project at the former Bukit Timah Fire Station in late August. The well-known heritage site has been transformed into a vibrant community space and will offer 62 serviced apartments, 10 commercial units, and various event spaces. The property is set to open at the beginning of October.

The residential units, which consist of en suite studios, two-bedroom, and three-bedroom apartments, have already seen a 60% booking rate. Monthly rents for these serviced apartments start from $3,500 and require a minimum stay of six nights. Weekly rates range from $900 to $1,320.

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The development at the old Bukit Timah Fire Station will feature popular F&B brands such as Melbourne’s specialty coffee chain ST. Ali and homegrown bakery Haute Cakes Studio. Other activity-based operators like Xplorers.Life, which offers kid-friendly workshops and creative activities, and Sundowner at Fire Station, which will host farm-to-table experiences like honey harvesting, beer crafting, and pizza-making, will also be part of the retail mix.

In addition, the property will also feature amenities such as local swim school Aquaducks, which will run early-childhood water safety and play-based swimming classes, and pet boutique Collar BT Club, which will provide grooming, daycare, and pet-boarding services.

Located at 260 Upper Bukit Timah Road, the former Bukit Timah Fire Station was built in 1956 and was decommissioned in 2005. It was gazetted for conservation in 2019 and was relaunched for tender in August 2023 on a five-year lease with an option to renew for another four years. 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 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.

Following the opening of the property at the old Bukit Timah Fire Station, Coliwoo plans to launch three more properties in the next 12 months. The first one, located at 159 Jalan Loyang Besar in Pasir Ris, will be a co-living and chalet development on a 380,869 sq ft site and is slated to open next year. Coliwoo won the price-quality tender for this property with a monthly bid of $225,000 ($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, as well as an ice bath and water sports facilities. The target markets for this development include students at the upcoming Singapore Institute of Technology, professionals at the new business park district, and airline crews transiting through nearby Changi Airport.

Another upcoming project is Coliwoo Bugis at 141 Middle Road, which is scheduled to open sometime in the first quarter of 2026. It is a transformation of the former GSM Building, which LHN bought for $80 million in February 2023. The necessary approvals are in place to convert the second to sixth floors to serviced apartments, and the ground floor space of 6,978 sq ft will be used for restaurant purposes.

The last project, located at 50 Armenian Street, is a joint venture between Coliwoo Holdings and Oxley Holdings’ Ching Chiat Kwong and his son, Shawn Ching. This development will consist of 120 Peranakan-inspired studios. The refurbishment of the property is expected to be completed in the first half of 2027, and the target market for this development includes students from Singapore Management University, the School of the Arts, and LaSalle College of the Arts.

Founder and LHN executive chairman Kelvin Lim has ambitious plans for Coliwoo’s future growth, aiming to increase its portfolio by 800 to 1,000 rooms annually and reach 10,000 rooms by 2030. The company plans to expand in areas with strong demand from students and expatriates, such as neighbourhoods around Ngee Ann Polytechnic, Singapore University of Social Sciences, and Singapore Institute of Management.

Lim also mentioned that Coliwoo is in acquisition mode and is looking to expand its market presence beyond the city centre and city-fringe neighbourhoods. They are also in talks with asset owners in Malaysia, Thailand, and Indonesia to secure master contracts for overseas expansion, although the timeline for this remains flexible.

Since its launch in 2019, Coliwoo has built a portfolio of 25 properties with close to 3,000 units in Singapore as of June 2025. The parent company, LHN Group, plans to spin off the co-living arm through an initial public offering on the Singapore Exchange. Lim emphasized that Coliwoo will remain asset-light even after listing, with 70% of its rooms on master leases and the remaining 30% in owned properties, mostly smaller assets with fewer than 100 rooms.

The company has started recycling capital from these smaller holdings into larger projects, including the recent sale of 115 Geylang Road for $25.8 million. With a steady pipeline of projects and strong demand for co-living among students and professionals, Coliwoo’s IPO and expansion plans position it as a key player in Singapore’s fast-growing co-living sector.