Coliwoo launches $218.5 mil portfolio sale of seven freehold living assets
The freehold property at 268 River Valley Road with a mural by American artist Sean Dunston is one of seven offered for sale (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Coliwoo Holdings has launched a portfolio of seven freehold hospitality and living assets for sale with a combined price tag of $218.5 million, making one of the largest offerings of stabilised co-living and serviced accommodation properties currently on the market in Singapore.
The properties — ranging from serviced apartments and hotels to student hostels — are located across River Valley, Balestier and Rangoon Road. They are being offered through an expression of interest exercise conducted by Cushman & Wakefield (C&W), which will close on April 13.
Several of these assets feature striking murals. One of them is the property at 320 Balestier Road, which features a striking 3D mural with geometric designs by Singaporean artist Chris Chai. The artwork is particularly prominent given the building’s dual frontage along Balestier Road and Kim Keat Road.
The property at the corner of Balestier Road and Kim Keat Road features a striking 3D mural with geometric designs by Singaporean artist Chris Chai (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Also on the market is a stretch of three shophouses at 268, 288 and 298 River Valley Road. These stand out for their colourful murals by American artist Sean Dunston, which, according to Coliwoo, represent the three graces — empathy, wisdom and humour.
The shophouses at 298 (far left) and 288 (far right) River Valley Road are part of a series of three which, according to Coliwoo, represent the three graces -- empathy, wisdom and humour (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Largest portfolio available’
Sophia Lim, director of capital markets at C&W, says the properties are “the largest portfolio of freehold hospitality and living assets currently available for sale”.
Of the seven properties, three are located along River Valley Road, another cluster of three is in Balestier, and a standalone building sits at 99 Rangoon Road.
Coliwoo is open to selling the assets either individually or collectively, Lim adds. “It represents a rare opportunity to acquire a diversified basket of income-producing freehold assets across prime city-fringe locations, supported by flexible acquisition structures.”
Buyers can acquire the properties with vacant possession or opt for a leaseback arrangement under which Coliwoo continues operating them at a gross yield of 3.5%, says C&W’s Lim.
‘Asset-light’
Kelvin Lim, executive chairman and CEO of Coliwoo Holdings, says the divestment “allows us to redeploy capital into new acquisition opportunities and scale efficiently”.
The divestment marks a deliberate pivot towards an asset-light model focused on master leases and management contracts — “which allows us to scale faster without heavy capital investments”, he adds.
Since its launch in 2019, Coliwoo has been defined by rapid expansion. From managing its first serviced apartment project with 437 units at 31 Boon Lay Drive in Jurong, the co-living operator has grown into a 3,200-room platform across 27 properties.
Kelvin Lim of Coliwoo: The divestment allows us to redeploy capital into new acquisition opportunities and scale efficiently (Photo: LHN Group)
Last November, Coliwoo also became the first co-living operator to list on the mainboard of the Singapore Exchange.
Coliwoo’s strategy is to unlock liquidity from stabilised assets through active capital recycling, says Lim. “Proceeds can go towards strengthening the balance sheet, or be redeployed into higher-yielding opportunities, including selective acquisitions where we see strong mispricing or repositioning upside.”
The seven freehold properties being offered for sale are located near Orchard Road and the CBD, attracting expatriate professionals and corporate executives who value the short commute and prestige of a central address, he adds.
Balestier cluster anchored by healthcare and student demand
The communal area of the Coliwoo student hostel at 320 Balestier Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The gym and yoga studio on the top floor of the student hostel at 320 Balestier Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
One of the loft suites on the top floor of the student housing at 320 Balestier Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
All the units at 320 Balesiter Road come fitted with a kitchenette, en suite bathroom, mini refrigerator and washer-dryer (Photo:Samuel Isaac Chua/EdgeProp Singapore)
The property at 320 Balestier Road was Coliwoo’s first acquisition in 2020, when it bought a former nondescript four-storey commercial building for $18.1 million and refurbished it into a student hostel with 65 keys.
The hostel is popular among Chinese students attending nearby Beacon International College on Martaban Road, who account for about 90% of the property’s student population.
Two other Coliwoo properties in the portfolio are located nearby.
The apartment block at the rear of the conservation shophouses at 453 Balestier Road has been leased as serviced apartments, while the neighbouring property at 471 and 473 Balestier Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
One is at 453 Balestier Road, comprising a row of conserved shophouses with three commercial units and two F&B units, leased to various tenants. It has a rear apartment block with 12 units (34 keys). The third-party operator recently obtained outline planning permission to operate as long-stay serviced apartments with a minimum stay of three months, says C&W’s Lim.
A few doors down is 471/473 Balestier Road, a 49-room hotel currently operated by another co-living operator, Habyt, under a master lease.
All three properties are within walking distance of eateries and amenities in the surrounding shophouses and Zhongshan Mall. They are also close to Health City Novena, which attracts healthcare professionals — including doctors, nurses and foreign medical staff — who prefer a short commute to nearby hospitals, says Lim.
All three properties in Balestier are within walking distance of eateries and amenities in the surrounding shophouses and Zhongshan Mall. They are also close to Health City Novena, which attracts healthcare professionals (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Companies relocating staff in the healthcare sector or regional offices are another source of demand. They typically stay in Singapore for six to 24 months, he notes.
The proximity to Health City Novena also draws medical tourists and patients seeking treatment at hospitals and specialist clinics in the area, who typically require furnished accommodation for one to six months.
Beyond Beacon International College, the area is near tertiary institutions such as James Cook University, as well as language schools and vocational programmes that attract international students.
The neighbourhood also appeals to tenants who want the convenience of a central location, but at more moderate rents than the Orchard Road neighbourhood, says C&W’s Lim.
Rangoon Road property serves international students
The student hostel at 99 Rangoon Road is within walking distance of the Farrer Park MRT Station, and near major educational institutions such as Singapore Management University, LaSalle College of the Arts, and the Nanyang Academy of Fine Arts (Samuel Isaac Chua/EdgeProp)
The sole property on 99 Rangoon Road in the portfolio is a student hostel with 32 keys.
It is within walking distance of Farrer Park MRT Station and near major educational institutions, including Singapore Management University, LaSalle College of the Arts, and the Nanyang Academy of Fine Arts.
The property attracts international students as well as young professionals seeking accommodation in a vibrant city-fringe neighbourhood with abundant amenities, Coliwoo’s Lim observes.
River Valley assets appeal to corporate tenants
The communal area of the shophouse at 298 River Valley Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The co-working space at the Coliwoo at 298 River Valley Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Meanwhile, the three properties along River Valley Road are popular with corporate tenants, as companies relocating regional staff frequently secure accommodation in the area due to its convenience and strong lifestyle appeal, notes Coliwoo’s Lim. The properties are also near Orchard Road, Robertson Quay and the CBD.
Affluent international postgraduate students who value accessibility to tertiary institutions and central amenities are also drawn to the properties at River Valley, he adds.
All three River Valley properties have secured permanent serviced apartment licences, notes C&W’s Lim. Combined, they comprise 73 keys with a total price tag of $78.5 million, and are located within a short walking distance of one another.
One of the suites in the property at 288 River Valley Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Across the portfolio, properties recorded an average occupancy rate of 96.5%, according to Coliwoo’s 1QFY2026 business update in February.
While expatriates and international students form the core tenant base with 85%, local residents make up the remaining 15%. These include people seeking temporary accommodation during their home renovation period, he adds.
Some of the units at 298 River Valley Road have access to an ensuite balcony (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Maturing sector
“Singapore’s living sector has matured rapidly into a recognised and institutionally supported asset class, underpinned by strong occupancy fundamentals and shifting lifestyle preferences,” says C&W’s Lim.
She believes the portfolio will attract “international capital”, drawn to its scale, the immediate rental income stream and the potential for value enhancement over time.
In the Novena area, Hong Kong-based Weave Living, together with BlackRock and Lian Beng Group, acquired the freehold property at 12 Shan Road in May 2025 for $100 million. The 15-storey building is expected to open this year as the 99-unit Weave Suites — Novena, marking Weave’s fourth property in Singapore.
Sophia Lim of Cushman & Wakefield: The largest portfolio of freehold hospitality and living assets currently available for sale (Photo: C&W)
Expansion continues — selectively
Coliwoo’s divestment does not signal a slowdown in expansion. Instead, it reflects a recalibration of capital deployment.
Its latest acquisition was a 250-room hotel at Changi Business Park, following Coliwoo’s put-and-call option agreement in January with ESR-REIT to purchase the strata hotel lot for $101 million.
Later this month will mark the debut of the 212-key Coliwoo Midtown — a refurbishment of the former GSM Building at 141 Beach Road.
Coliwoo acquired the former GSM Bulding en bloc for $80 million in February 2023. A year later, it sold a 20% stake to Macritchie Development, which is 90%-owned by Oxley Holdings executive chairman and CEO Ching Chiat Kwong, with his son, Shawn Ching, holding the remaining 10%.
Last November, the Coliwoo-Macritchie joint venture purchased the Rehau Building at 1 King George’s Avenue for $40 million, with plans to convert it into co-living space while retaining commercial units on the ground floor (Photo: Google Street View)
The joint-venture partners have since acquired several other properties together. Last November, the Coliwoo-Macritchie joint venture purchased the Rehau Building at 1 King George’s Avenue for $40 million, with plans to convert it into co-living space while retaining commercial units on the ground floor. The same joint-venture partners also acquired Wilmar Place at 50 Armenian Street for $26.5 million in May 2024.
In 3Q2026, Coliwoo is set to launch its first resort-style co-living chalet at 159 Jalan Loyang Besar, comprising 380 keys. The site was leased from the Singapore Land Authority after Coliwoo submitted the second-highest monthly rental bid of $225,000 in a two-envelope concept-and-price tender.
In 3Q2026, Coliwoo is set to launch its first resort-style co-living chalet at 159 Jalan Loyang Besar, comprising 380 keys (Artist's Impression: Coliwoo)
Of its current portfolio of 27 properties, 11 are owned, 11 are leased, and five are managed. Coliwoo intends to continue expanding through master leases and acquisitions, targeting an additional 800 keys annually.
By monetising stabilised freehold assets while retaining operational control through potential sale-and-leaseback structures, Coliwoo is positioning itself less as a traditional property owner and more as a capital-efficient operating platform.
Wilmar Place at 50 Armenian Street was acquired by a joint venture between Coliwoo and Macritchie Development for $26.5 million in May 2024 (Photo: Savills Singapore)
With demand for flexible living arrangements continuing to grow, the strategy allows the co-living operator to scale while redeploying capital into new acquisitions and repositioning opportunities.
“This disciplined approach ensures that we remain agile, capital-efficient, and focused on delivering sustainable long-term growth,” says Coliwoo’s Lim
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