Lhn Group’s Co Living Business Coliwoo Holdings Lodges Preliminary Prospectus Mas
colonyColiwoo Holdings lodges preliminary prospectus for listing on SGX Mainboard
Coliwoo Holdings, a co-living business, has submitted its preliminary prospectus to the Monetary Authority of Singapore (MAS) for its planned listing on the Mainboard of the Singapore Exchange. The company’s co-living operations have been managed by LHN Group, a real estate services management group. Coliwoo was founded in 2018 and currently has 25 properties in Singapore. Its goal is to increase its portfolio to 4,000 rooms by the end of 2026, up from its current 2,933 rooms. This growth will be driven by a combination of upcoming developments, master lease agreements, and management contracts.
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To achieve this expansion, Coliwoo plans to use the proceeds from its listing for leasing properties in both existing and new markets, as well as through owned and joint ventures. It also intends to use the funds to repay loans and cover general operating expenses, including manpower costs.
In the first half of FY2025, Coliwoo maintained an average occupancy rate of over 95% across all its properties. In the same period, revenue increased by 83.6% to $28 million, up from $15.3 million a year ago. This was primarily due to new properties and higher occupancy and rental rates in other co-living spaces.
Revenue continued to grow in FY2023, with a year-on-year increase of 86% to $52.2 million. This was driven by three new properties that began generating revenue, full-year revenue contribution from two properties, a new facility services contract, and higher rental rates. However, cost of sales also increased by 160.9% to $20.8 million, mostly due to site maintenance, higher rental expenses, and employee benefits as the business expanded. Despite this, Coliwoo reported a profit for the year of $31.6 million.
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In the first half of FY2025, revenue increased to $23.1 million, a 16.3% year-on-year increase. This was mainly due to new sites, full-period revenue contribution from one property, and higher occupancy in some other properties. Profit for the period also grew by 14.8% year-on-year to $9.6 million.
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As of end-August 2025, Coliwoo had cash and cash equivalents of approximately $28.4 million and indebtedness of about $252.5 million. The company generated net cash from operating activities of $15.4 million in FY2024 and $10.6 million in the first half of FY2025.
Some well-known investors have shown their support for Coliwoo, including Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management, Maybank Securities, UOB Asset Management, Value Partners Hong Kong, and Whitefield Capital Management.