Coliwoo prepares for IPO with new co-living projects, eyes untapped markets
“We are in an expansion mode, and we’re keen to grow our market presence beyond (Singapore’s) city centre and city-fringe neighbourhoods,” says Kelvin Lim, executive chairman of LHN and founder of Coliwoo. (Picture: Samuel Isaac Chua/The Edge Singapore)
In late August, homegrown co-living operator Coliwoo unveiled its latest project at the former Bukit Timah Fire Station. The conserved landmark now houses 62 serviced apartments, 10 commercial units, and community event spaces, and is scheduled to open at the start of October.
The residential units — a mix of en suite studios, two-bedroom and three-bedroom apartments — are already 60% booked, with monthly rents starting from $3,500. As serviced apartments, they require a minimum stay of six nights, with weekly rates ranging from $900 to $1,320.
Heritage site transformed
F&B brands such as Melbourne speciality coffee chain ST Ali and homegrown bakery Haute Cakes Studio will anchor the retail mix, alongside 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.
Local swim school Aquaducks will run 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.
Located at 260 Upper Bukit Timah Road, the site housed the former Bukit Timah Fire Station from 1956 to 2005. (Picture: Samuel Isaac Chua/The Edge Singapore)
Built in 1956, the fire station was decommissioned in 2005 and gazetted for conservation in 2019. After a consortium that first won the tender in 2021 withdrew due to pandemic-related challenges, the site 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 (about $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.
Growth pipeline to 10,000 rooms
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 property at 159 Jalan Loyang Besar in Pasir Ris will mark Coliwoo’s first co-living and chalet development, on a 380,869 sq ft site. It is slated to open next year. 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 feature co-living studios, a handful of chalets, a food court, karaoke and games rooms, an ice bath and water-sports facilities. 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.
Coliwoo Bukit Timah Fire Station. There are seven 3-storey blocks with commercial units on the ground floor, and co-living apartments on the top floors. (Picture: Samuel Isaac Chua/The Edge Singapore)
Coliwoo Bugis at 141 Middle Road 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. Approvals are in place to convert the second to sixth floors to serviced apartments and the ground floor space of 6,978 sq ft for restaurant use.
The former Wilmer Place, located at 50 Armenian Street, was acquired by Coliwoo Holdings jointly with Oxley Holdings’ Ching Chiat Kwong and his son, Shawn Ching. The upcoming development will comprise 120 Peranakan-inspired studios.
The last tenants vacated the premises this month, and refurbishments are scheduled for completion sometime in 1H2027. The property is expected to appeal to students from Singapore Management University, the School of the Arts and LaSalle College of the Arts.
Founder and LHN executive chairman Kelvin Lim aims to grow Coliwoo’s portfolio by 800 to 1,000 rooms annually, reaching 10,000 rooms by 2030.
Expansion will target 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, he says.
“We are in an expansion mode and keen to grow our market presence beyond the city centre and city-fringe neighbourhoods,” Lim adds.
Coliwoo Bukit Timah Fire Station. The site includes a new swimming pool. (Picture: Samuel Isaac Chua/The Edge Singapore)
Asset-light strategy and upcoming IPO
Since launching in 2019, Coliwoo has built a portfolio of 25 properties with close to 3,000 units in Singapore as of the end of June 2025. Parent company LHN Group plans to spin off the co-living arm through an initial public offering on the Singapore Exchange.
Lim stresses that Coliwoo will remain asset-light after listing. Approximately 70% of its rooms are on master leases, with the remaining 30% in owned properties — mostly smaller assets with fewer than 100 rooms.
The company has begun recycling capital from these smaller holdings into larger projects, citing the $25.8 million sale of 115 Geylang Road and ongoing negotiations to divest its properties at 471 Balestier Road and 404 Pasir Panjang Road.
With strong demand for co-living among students and professionals, and a clear strategy to scale efficiently, Lim notes that Coliwoo’s planned listing and steady pipeline will position it as a key player in the city-state’s fast-growing co-living sector.
While focused on stabilising new properties and preparing for the IPO, Coliwoo is also eyeing regional growth. The company is in discussions for master contracts with asset owners in Malaysia, Thailand and Indonesia, though Lim says the timeline for overseas expansion remains flexible.
Follow Us
Property updates, 24/7.
Subscribe to Newsletter
Market insights, delivered weekly.
Top Articles
Search