Listed co-living operator Coliwoo Holdings has entered into a 50:50 joint venture with Macritchie Developments to purchase REHAU Building, a freehold commercial building at 1 King George’s Avenue, for $40 million. Knight Frank Singapore brokered the deal.

Macritchie Developments is a Singapore-incorporated company that is 80% owned by Chiat Kwong Ching, the executive chairman and CEO of Oxley Holdings, with the remaining 20% held by his son, Shawn Ching Wei Hung. Shawn is Oxley’s executive director and group general manager. 

The joint venture intends to convert the building into a co-living space managed by Coliwoo, with commercial units retained on the ground floor. LHN Group will be appointed as the project management company for asset enhancement initiatives at the property.

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The property is a seven-minute walk to Jalan Besar MRT Station (Downtown Line) and a 10-minute walk from Lavender MRT Station (East-West Line).

“The REHAU Building represents the type of value-creation opportunity we actively pursue–converting an underutilised commercial space into co-living spaces that address genuine market demand,” says Kelvin Lim, Coliwoo executive chairman and CEO.

Melvin Chay, senior director for capital markets at Knight Frank Singapore, says: “With interest rates trending down, we are seeing a significant pickup in investor interest and confidence. In an evolving real estate environment, buyers continue to seek value-added opportunities.”