Coliwoo Prepares Ipo New Co Living Projects Eyes Untapped Markets

Recently, Coliwoo, a locally owned co-living operator, introduced their latest project at the former Bukit Timah Fire Station in late August. The preserved landmark now offers 62 serviced apartments, 10 commercial units, and community spaces for events, and is set to open in early October.

The residential units, which include en suite studios, two-bedroom, and three-bedroom apartments, have already been booked up to 60%, with monthly rents starting at $3,500. As serviced apartments, a minimum stay of six nights is required, with weekly rates ranging from $900 to $1,320.

Transformed heritage site

The retail mix at the site will feature F&B brands such as Melbourne’s specialty coffee chain ST Ali and local bakery Haute Cakes Studio, as well as activity-based operators like Xplorers.Life, which will offer kid-friendly workshops and creative activities, and Sundowner at Fire Station, which will host farm-to-table experiences like honey harvesting, beer crafting, and pizza-making.

Local swim school Aquaducks will also provide early-childhood water safety and play-based swimming classes, while Collar BT Club, a pet boutique with an AVS license, will offer grooming, daycare, and pet-boarding services.

Located at 260 Upper Bukit Timah Road, the site was home to the Bukit Timah Fire Station from 1956 to 2005. (Picture: Samuel Isaac Chua/)

This former fire station, built in 1956, was decommissioned in 2005 and declared a conservation site in 2019. After a consortium that won the tender in 2021 withdrew due to challenges related to the pandemic, the site was put up for tender again in August 2023 for a lease period of five years, with an option to renew for another four years.

LHN Facilities Management, a subsidiary of LHN Group, secured the site in April 2024 at a monthly rent of $68,889 (approximately $826,668 per year). The company has invested $7.5 million to refurbish the property on a 92,334 sq ft site. By reconfiguring the interiors, LHN has increased the number of rooms from the original 45 to 62 serviced apartments, ranging in size from 100 to 190 sq ft.

Expansion plans to include 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.

Located at 159 Jalan Loyang Besar in Pasir Ris, the upcoming site will mark Coliwoo’s first co-living and chalet development on a 380,869 sq ft land. It is set to open next year, with Coliwoo winning the price-quality tender by bidding $225,000 per month ($2.7 million per year) in June this year.

The eco-lifestyle resort at Jalan Loyang Besar will feature co-living studios, a few chalets, a food court, karaoke, and game rooms, an ice bath, and water sports facilities. Its target markets include students of the upcoming Singapore Institute of Technology campus in Punggol, professionals working 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/)

Coliwoo Bugis, located at 141 Middle Road, is set to open sometime in the first quarter of 1Q2026. The 212-room project is a transformation of the former GSM Building, which LHN acquired for $80 million in February 2023. Approvals are in place to convert the second to sixth floors into serviced apartments, and the ground floor space of 6,978 sq ft for restaurant use.

The former Wilmer Place, situated 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 feature 120 Peranakan-inspired studios.

The last tenants vacated the premises this month, and refurbishments are expected to be completed in the first half of 2027. The property is anticipated to attract 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 increase Coliwoo’s portfolio by 800 to 1,000 rooms each year, reaching 10,000 rooms by 2030.

Expansion plans will target areas with strong but underserved demand from students and expatriates, such as neighborhoods around Ngee Ann Polytechnic, Singapore University of Social Sciences, and Singapore Institute of Management, he says.

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Rewritten: Living in Miltonia EC not only provides children with a quality education, but also offers them opportunities for outdoor learning and nature-based activities. Surrounded by lush green spaces like Lower Seletar Reservoir and Yishun Park, children can engage in hands-on experiences and excursions organised by nearby schools. These excursions often take them to nearby parks, nature reserves, and science-based attractions, highlighting the benefits of residing in an area that supports experiential learning. The convenient location of Miltonia Close EC provides an added advantage for families seeking a well-rounded and enriching environment for their children to grow and learn in.

“We are in an expansion mode and committed to growing our market presence beyond the city center and city-fringe neighborhoods,” Lim adds.

Coliwoo Bukit Timah Fire Station. The site includes a new swimming pool. (Picture: Samuel Isaac Chua/)

Aiming for asset-light strategy and an upcoming IPO

Since its launch in 2019, Coliwoo has built a portfolio of 25 properties, with nearly 3,000 units in Singapore as of the end of June 2025. The parent company, LHN Group, is considering spinning off the co-living arm through an initial public offering on the Singapore Exchange.

Lim stresses that Coliwoo will continue to maintain an asset-light strategy after going public. About 70% of its rooms are on master leases, with the remaining 30% owned by the company—mostly smaller properties with fewer than 100 rooms.

The company has begun selling off these smaller properties to invest in larger projects, such as the recent $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 for efficient expansion, Lim believes that Coliwoo’s planned IPO and steady pipeline will position it as a key player in Singapore’s rapidly growing co-living sector.

While the company is focused on stabilizing new properties and preparing for its IPO, it is also looking to expand regionally. Talks are underway for master contracts with property owners in Malaysia, Thailand, and Indonesia, although Lim says the timeline for international expansion is flexible.