Singapore: LHN Group has agreed to acquire two mixed-use buildings in Singapore’s District 9 which will be converted for the company’s Coliwoo coliving brand.
LHN’s coliving division has taken options to purchase the four-storey retail and residential buildings at 286 and 288 River Valley Road from two private individuals, for S$23.25 million ($17.4 million). The deal is conditional on the existing owners consolidating the adjoining properties under a single title. The company plans to convert the properties, which span 11,600 square feet (1,078 square metres) of built area.
After a series of acquisitions over the past year, LHN’s portfolio, including operational units and future pipeline give the company around a 20 per cent share of Singapore’s coliving sector, according to a JLL report in June, and make it the largest player in a segment which is expected to grow by up to 3,000 rooms this year alone.
In its report, JLL named River Valley Road as among the most popular locations for coliving properties in Singapore due to its proximity to the central business district. The consultancy said that with housing prices in Singapore among the least affordable globally and interest rates rising, more professionals are turning to coliving as a temporary alternative to home ownership.
With housing rents in the Little Red Dot up by 42.5 per cent in the past two years, renters have also seen the coliving sector offering more affordable and flexible leasing options compared to conventional rental homes, JLL said.
“The rise of the coliving sector reflects a broader shift in societal attitudes towards living arrangements and homeownership,” the JLL report said. “As more people prioritise flexibility and personal lifestyles, co-living is likely to continue to grow in popularity as an attractive option for singles and couples alike.”
