Coliwoo Holdings Limited Announces Major Joint Venture for Acquisition of 1 King George’s Avenue

Key Highlights from the Announcement

• Coliwoo Holdings Limited (SGX: Ticker Unspecified) has established a 50:50 joint venture with Macritchie Developments Pte. Ltd. (“MDPL”) to acquire a prominent freehold commercial property at 1 King George’s Avenue, Singapore 208557.
• The acquisition price for the property is S\$40 million (excluding GST).
• The joint venture company (“JV Company”) is capitalized at S\$100,000, split equally between the partners.
• The JV Company has already paid a S\$2 million deposit (5% of the purchase price).
• Coliwoo Holdings Limited’s share of the deposit (S\$1 million) is funded via IPO proceeds.
• The property will be operated as a co-living space under the COLIWOO brand, with retained commercial units on the ground floor, further enhancing the Group’s asset portfolio and brand value.
• The transaction is expected to be completed by 31 December 2025 or six weeks from 20 November 2025, whichever is earlier.

Detailed Overview of the Joint Venture

The joint venture is structured with equal shareholding between Coliwoo Properties Investments Pte. Ltd. (“CPIPL,” a wholly-owned subsidiary of Coliwoo Holdings) and MDPL. Both entities contribute S\$50,000 each to the JV Company’s S\$100,000 share capital.

MDPL is a real estate developer, owned 80% by Ching Chiat Kwong (“CCK”) and 20% by Shawn Ching Wei Hung (“CWH”). Both individuals have significant experience in the real estate sector.

The JV Company’s sole mandate is to acquire, own, and operate the 1 King George’s Avenue property, transforming it into a co-living space with commercial units. This is in line with Coliwoo’s strategy to expand its co-living footprint in Singapore.

The JV Company will appoint LHN Group Pte. Ltd. (or its nominee) as project manager for any asset enhancement initiatives. Coliwoo Property Management Pte. Ltd. (a Coliwoo subsidiary) or its nominee will be engaged as the property manager, subject to regulatory approvals.

The JV Company will be entitled to use the “Coliwoo” brand under a non-exclusive, royalty-free license for marketing and sales purposes, further strengthening the brand’s presence in the market.

The board of the JV Company will comprise two directors, one each from CPIPL and MDPL, ensuring equal representation and governance.

Key Financial Implications

• Coliwoo’s share of the S\$2 million deposit (S\$1 million) is funded through IPO proceeds earmarked for expansion, growth, and asset enhancement of co-living businesses involving owned and joint venture properties.
• This transaction will not have a material impact on the net tangible assets per share or earnings per share of the Group for the financial year ending 30 September 2026.
• The use of IPO proceeds remains consistent with the plans outlined in the company’s prospectus. As of this transaction, S\$4.259 million of the S\$100.98 million raised from the IPO has been utilized, with a detailed breakdown provided to ensure transparency for investors.

Strategic and Price-Sensitive Considerations for Shareholders

• This acquisition is a significant step in Coliwoo Holdings’ expansion strategy and enhances the Group’s asset base and recurring income potential through the co-living business model.
• By leveraging its IPO funds for strategic asset acquisition and brand extension, Coliwoo positions itself for further growth in the attractive co-living sector.
• No directors or substantial shareholders of Coliwoo Holdings have any interest in the joint venture beyond their indirect interests through the company, ensuring alignment with shareholder interests.
• This move could potentially improve the Group’s long-term earnings profile and asset valuation, and may be viewed positively by the market given the strong demand for co-living spaces in Singapore.
• Further material updates will be announced as the transaction progresses, which could have additional implications for share price depending on operational performance and occupancy rates post-acquisition.

Transparency and Further Information

The full Joint Venture Agreement is available for inspection at Coliwoo Holdings Limited’s registered office for three months from the date of announcement. Shareholders are encouraged to monitor further SGXNET announcements for significant developments on this transaction.

Disclaimer

This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. Investors should conduct their own research or consult a professional advisor before making any investment decisions. The information is based on official company disclosures as of 20 November 2025 and may be subject to change.

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