Coliwoo Keppel (Picture: Samuel Isaac Chua/EdgeProp Singapore)
Coliwoo Holdings has announced its financial results for FY2025 ended Sept 30. The company, which recently completed its initial public offering (IPO) and debuted on the Mainboard of the Singapore Exchange, reported earnings of $22.92 million for FY2025, surging 62.6% from $14.09 million the year before.
The higher earnings come despite Coliwoo’s revenue declining 10.4% from $52.15 million in FY2024 to $46.73 million in FY2025. The company attributes the lower revenue to a reduction in facilities services income, which plummeted 77.2% y-o-y to $3.33 million due to a high base in FY2024 from one-off rental income earned on a retrofitting project.
Nonetheless, Coliwoo logged a 23.9% y-o-y rise in rental income from owned properties to $7.46 million, while rental income from leased properties rose 4.9% y-o-y to $32.43 million. In addition, revenue from management services also grew sixfold to $3.49 million due to new properties and an improved average occupancy rate across the portfolio, says Coliwoo.
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The group’s gross profit improved 5.5% y-o-y to $33.1 million in FY2025, while gross profit margin rose 11 percentage points to 71%. Coliwoo attributes the improvement to a lower base last year from the one-time retrofitting project, which had a lower margin.
The board is recommending a final dividend of 2.0 Singapore cents per share for FY2025.
As of Sept 30, Coliwoo owns 11 properties, lower than the 12 in FY2024, due to the disposal of 115 Geylang Road. It has 10 properties under master leases, up one from nine properties in FY2024, with the addition of 159 Jalan Loyang Besar, which it won through a tender by the Singapore Land Authority.
In terms of occupancy, properties owned by Coliwoo have an average occupancy of 94.7% for FY2025, higher than the 87.9% recorded in FY2024. Similarly, properties under lease also saw higher occupancy rates, going from 93.4% in FY2024 to 95.6% in FY2025.
Looking ahead, Coliwoo intends to grow its portfolio from 2,933 rooms as of Sept 30 to nearly 4,000 rooms in Singapore by the end of next year, through new acquisitions, master lease agreements and additional management contracts.
Its current project pipeline includes Coliwoo Midtown, a 212-unit property at the former GSM Building on Middle Road set to open in 1Q2026; and its property at 159 Jalan Loyang Besar, which will be a resort-style chalet with over 350 rooms that is targeted to open in 2Q2025.
It also has plans for a 120-unit property at the former Wilmer Place office building at 50 Armenian Street, which the company purchased jointly with Ching Chiat Kwong and Shawn Ching of Oxley Holdings in May.
Coliwoo also tied up with the Chings to purchase REHAU Building at 1 King George’s Avenue for $40 million earlier this month. The building will be converted into a mixed-use co-living and commercial space.
“The strong market fundamentals in Singapore, evidenced by sustained high rental demand and a recovering corporate and MICE segment, give us great confidence,” says Kelvin Lim, executive chairman and CEO of Coliwoo. “With a robust pipeline targeting nearly 4,000 rooms by the end of 2026, Coliwoo is strategically positioned to capture further market share and reinforce our leadership in the co-living space."