• If you’ve been following Singapore’s property scene, you would have heard the buzz around co-living—and Coliwoo is right at the heart of it. • As the market leader with about a quarter of Singapore’s co-living keys, Coliwoo has grown rapidly by offering flexible, ready-to-move-in spaces for young professionals, students, and expats. It has enjoyed an occupancy rate above 90% consistently. • Through its listed parent LHN, investors can get exposure to Coliwoo. Other co-living companies in Singapore are privately held. As announced on April 2025, Coliwoo is proposed to be spun off from parent LHN Group, raising funds to fuel its expansion. • LHN's stock has run up 25% year-to-date but there's upside potential from the spin-off. DBS Group Research has just pegged a fair value of 81 cents for LHN stock.  2025 is LHN's 10th year of listing on the Singapore Exchange. LHN's executive chairman and group MD, Kelvin Lim, is a controlling shareholder of the company. His sister, Jess Lim, is LHN's group deputy MD. • Read excerpts of the DBS report which works out the valuation, and dives into what makes Coliwoo tick ... |
Excerpts from DBS Group report
Analysts: Geraldine WONG & Derek TAN
• Coliwoo holds a c.25% lion share in Singapore co-living, with 800 additional keys per year expected in FY25F/26F • We estimate co-living operator value could reach SGD246mn by end-FY26F; spinoff to raise funds for further expansion • With Coliwoo business estimated at c.45 Scts/share, we see a fair value of 81 Scts/share for the broader group. |
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| The business |
Market leader in Singapore’s fast growing co-living space. LHN Group is a Singapore-based, SGX-listed, real estate management company focusing on the space optimisation business.
 "Unprecedented scalability rate through master leases and asset-repurposing. We believe what sets Coliwoo apart from other co-living operators is its ability to scale at an unprecedented rate and maintain its lion's share of the co-living market in Singapore. Coliwoo will continue to scale through master lease agreements, including rental of state land & property, which leverage on LHN group’s asset-repurposing and retrofitting abilities."-- DBS Research |
LHN’s residential concept ‘Coliwoo’ has become its main growth driver.
Since it began in 2019, Coliwoo has added 2500+ keys in Singapore and 300+ keys overseas.
Within its space optimisation business, LHN provides spaces for commercial, industrial uses and storage facilities under its Work + Store business.
LHN also provides integrated facilities management services and manages over 100 car parks in Singapore.
Within its space optimisation business, LHN provides spaces for commercial, industrial uses and storage facilities under its Work + Store business.
LHN also provides integrated facilities management services and manages over 100 car parks in Singapore.
The company has also expanded to other Asia regions in Cambodia, Myanmar, and Indonesia with residential & office spaces.
Coliwoo business, worth c.SGD246mn, to rerate LHN group’s share to c.SGD0.81/share.
Coliwoo is the market leader in Singapore’s fast growing co-living residential lodging segment, with a c.25% market share, and is expected to grow by another 800 keys per year for the next two years. |
Full DBS report here
See also: Coliwoo's Big Leap: Why LHN's Co-Living Brand is Getting Its Own Listing
