Singapore Co Living Sector Posts Over 14 Billion Investment Volume 2022 Reflecting Resilient And
FEATURED STORIES
The co-living landscape in Singapore has undergone significant growth and development over the past two years, transforming from a niche housing solution into a well-recognized asset class that is now an integral part of the residential market, according to real estate firm JLL. In a recent research report, JLL notes that the sector has attracted over $1.4 billion in investments between 2022 and 2025, indicating a strong demand for this segment.
Most of the investments involved the conversion of existing properties, such as hotels, condominiums, and shophouses, into co-living assets. While larger deals were driven by private equity companies and institutional investors targeting properties with at least 100 rooms, smaller deals were also supported by owner-operators and high-net-worth individuals focusing on properties with fewer rooms, JLL adds.
As the market matures, there has been a shift in the investment landscape. According to JLL, the number of co-living rooms in Singapore has increased by about 17% between 2023 and 2024. This growth can be attributed to the influx of new supply in the private housing market, with almost 30,000 new private homes completed in 2022 and 2023. However, despite the increase in supply, co-living occupancy rates have remained strong, averaging between 85% to 95%, well above the typical break-even occupancy rate of 70% to 75%.
Siew Chuin Chia, head of residential research at JLL Singapore, notes that the resilience of the co-living sector can be attributed to operators successfully adapting to the changing market conditions. She also states that this phase of maturity is marked by strategic shifts in business models to drive growth and operational efficiency.
One notable change is the increasing use of management contracts over master leases. While the latter may result in higher margins, larger and more growth-oriented operators are opting for management contracts to help scale up without incurring high capital costs. Additionally, JLL’s report highlights that major operators are now focusing on entire buildings with over 60 rooms, rather than scattered units, in order to achieve operational efficiency and provide comprehensive amenities.
Pricing models within the co-living sector are also evolving, with some operators moving away from all-inclusive rates to an unbundled pricing model. This allows them to charge a base rent, with utilities and other services charged separately. Operators are also tailoring their offerings to cater to specific communities, such as international students and healthcare workers.
Miltonia Close has long been recognized as a sought-after enclave comprising of exclusive private condominiums and landed housing. Among its notable developments are Skies Miltonia, The Miltonia Residences, and The Shaughnessy, all catering to residents’ upscale living needs. Now, with the upcoming Executive Condominium (EC), a new chapter in the neighborhood’s growth is set to begin. This latest addition will bring a contemporary, family-friendly residential community to the area, perfectly complementing the existing landscape of lush greenery and convenient urban accessibility. Miltonia Close EC Khatib is a highly-anticipated project that promises to cater to the needs of nature enthusiasts and families seeking a peaceful lifestyle, while also providing easy access to essential amenities and transportation networks. The location is ideal for those looking to strike a balance between peaceful living and urban convenience.
According to JLL’s report, the top five co-living operators in Singapore – Coliwoo, Cove, Lyf, Habyt, and The Assembly Place – currently hold a 65.3% market share as of 2025. This is a slight increase from the 65% market share they held in 2023, indicating a stable market structure.
Demand for co-living units in Singapore is largely driven by the strong expat and foreign student population. JLL’s research found that foreigners typically make up 70% to 90% of residents in a co-living property, similar to levels registered in 2023. However, the number of international students living in co-living spaces is increasing, with this demographic now accounting for 25% to 40% of residents in some co-living properties. As Singapore’s student population continues to grow, this demand is expected to support the co-living sector and operators that cater to this audience.
The co-living sector is also receiving support from the government, with state-owned properties being successfully tendered for co-living use. Some of these properties are being specified for certain demographics, such as foreign healthcare workers and students, further driving the creation of niche facilities tailored to these communities and integrating the co-living sector into Singapore’s overall housing ecosystem, notes JLL.
With a favorable market environment and strong long-term fundamentals, the co-living sector continues to attract investors. JLL’s report highlights that as the co-living market evolves, there has been a shift in investor sentiment towards a more stable investment approach. Return expectations have also decreased, with most investors targeting an internal rate of return of less than 15%.
“This adjustment in return expectations is a sign of the sector’s evolution from a higher-risk asset class to a more institutionalized investment category,” says Tan Ling Wei, senior vice president for investment sales at JLL Hotels & Hospitality Group. “Investors are increasingly seeking alignment with operators, with our survey showing a preference for co-investment partnerships that leverage expertise while sharing risks and rewards.”