🏢 LHN Spins Off Coliwoo in $101M IPO, Unlocking Growth for Its Expanding Business Empire
SGX:41O.SI:LHN Limited
LHN is carving a new chapter in its three-decade journey as it spins off its co-living arm, Coliwoo Holdings, for a separate listing. Executive chairman Kelvin Lim says the move will allow both entities to grow independently and optimise funding. “If all group resources go only to Coliwoo, the rest of the business will not be able to grow,” he explains. Post-listing, Lim will step down as managing director of LHN but remain its executive chairman, while also serving as executive chairman and CEO of Coliwoo.
The separation is designed to unlock shareholder value and give Coliwoo the capital flexibility needed to scale. LHN’s other business units — space optimisation, Work+Store self-storage, and facilities management — will now deploy profits toward their own expansion rather than supporting Coliwoo. The company has also been delisted from the Hong Kong Stock Exchange, consolidating operations in Singapore for cost efficiency and investor alignment.
SGX:CLIW.SI:Coliwoo Holdings Ltd
Coliwoo made its market debut on Nov 6 at S$0.60 per share after its IPO was 8.2 times subscribed, raising gross proceeds of S$101 million and implying a market capitalisation of S$288.5 million. Cornerstone investors include Albizia Capital, Avanda Investment Management, B&I Capital, Maybank Asset Management, UOB Asset Management, Value Partners Hong Kong and Whitefield Capital Management. About S$74 million of the proceeds will go toward expansion and asset enhancement across leased, owned, and joint-venture co-living properties in Singapore and Southeast Asia.
Lim says the funds will support Coliwoo’s asset-light growth model — targeting 800 to 1,000 new rooms annually toward its 4,000-room goal by next year. The brand plans to expand into Jakarta, Bangkok, Kuala Lumpur, and Johor Bahru. Coliwoo will also recommend dividends of at least 40% of earnings for FY2025–FY2026, excluding one-off items and fair-value adjustments.
Lim notes that Coliwoo’s formula — private suites with full amenities and shared lifestyle areas — evolved during the pandemic and remains one of the group’s most resilient and scalable products. About 70% of its rooms operate under master leases, while the remainder are owned assets. He adds that Coliwoo’s pricing remains competitive, offering studio-like spaces with inclusive utilities and flexible leases that attract expatriates, students, and professionals seeking convenience.
SGX:41O.SI:LHN Limited (Outlook)
With Coliwoo standing independently, LHN is refocusing on its other engines of growth. In space optimisation, the group is developing new service-based concepts while expanding its Work+Store brand, following the lifting of Singapore’s self-storage moratorium. The division is also sourcing new projects as JTC now permits property acquisitions for storage operators again.
Facilities management, another key segment, will see organic and inorganic growth, including mergers and acquisitions targeting Silver Generation services, healthcare facility management, and renewable energy solutions such as solar PPAs and energy storage systems. LHN is also expanding its electric vehicle charging infrastructure nationwide. Its property development arm continues to explore commercial and industrial projects, including a 5% stake in a consortium that recently acquired 680 Upper Thomson Road for S$351 million alongside partners like Oxley Holdings and Centurion Properties.
SGX:O13.SI:Oxley Holdings Ltd
Oxley’s founder, Ching Chiat Kwong, holds the largest 26.5% stake in the consortium that purchased 680 Upper Thomson Road, where LHN maintains minority exposure through its property platform.
SGX:OU8.SI:Centurion Corporation Ltd
Privately held Centurion Properties — controlled by Centurion Corporation’s major shareholders David Loh and Han Seng Juan — also holds a 22.5% stake in the same property deal, aligning interests across Singapore’s property development ecosystem.
SGX:SNH.SI:Soon Hock Enterprise Ltd
Soon Hock Enterprise, one of the newly listed players, joined the consortium alongside SGX:ER0.SI:KSH Holdings Ltd, broadening collaborative development opportunities within Singapore’s property sector.
Analysts remain bullish on LHN’s prospects. UOB Kay Hian maintains a “buy” rating with a S$0.985 target price, calling the Coliwoo listing a key milestone to unlock value and transparency. Occupancy across Coliwoo’s portfolio stood at 96.7% in September. Meanwhile, PhillipCapital also retains a “buy” call with a S$1.13 target, highlighting upcoming projects like the Jalan Loyang Besar property and healthcare worker accommodations.
As of Nov 5, LHN shares have surged 124.3% over the past year to S$0.78, reflecting market optimism following the Coliwoo IPO. With tourism recovery, industrial demand, and student inflows boosting co-living and space demand, Lim is optimistic: “Singapore looks good.”
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