Coliwoo Holdings FY2025 Financial Results: Core PATMI Soars, Expansion Pipeline Unveiled

Core Net Profit Surges 62.6%, Dividend Declared, Major Expansion Plans Announced

Coliwoo Holdings Limited (SGX: W8W), Singapore’s leading co-living operator, has delivered a highly eventful set of results for the full year ended 30 September 2025 (FY2025), with several key developments that are likely to be price sensitive for shareholders and may impact the company’s share value.

Key Financial Highlights

• Core PATMI jumps 62.6%: Core profit attributable to equity holders (Core PATMI) soared to S\$22.9 million, up from S\$14.1 million a year earlier, underlining robust operational performance from the group’s co-living business.
• Dividend declared: The Board has recommended a final dividend of 2.0 Singapore cents per share for FY2025, consistent with IPO commitments. This marks the company’s inaugural dividend payout since listing, and signals shareholder returns as a priority.
• Gross profit margin expands sharply: Gross profit margin improved by 11 percentage points to 71%, up from 60% in FY2024, driven by the non-recurrence of lower-margin retrofitting income.
• Revenue falls on one-off effect: Revenue declined 10.4% to S\$46.7 million, mainly due to the absence of a one-time retrofitting income recorded in the prior year. However, recurring rental income from owned and leased properties grew strongly by 23.9% and 4.9% respectively.
• PATMI down due to non-operational swings: Net profit attributable to shareholders (PATMI) dropped 51.4% to S\$15.0 million, reflecting the absence of last year’s fair value gain on investment properties and inclusion of IPO listing expenses. Excluding these non-operational items, core operating profits were robust.
• High occupancy maintained: Average occupancy rate on a portfolio basis surged to 96.1%, up from 92.5% in FY2024, reflecting strong demand and successful onboarding of new properties.

Detailed Revenue Breakdown

• Rental income from owned properties: S\$7.5 million (+23.9% YoY)
• Rental income from leased properties: S\$32.4 million (+4.9% YoY)
• Facilities services: S\$3.3 million (-77.2% YoY, due to non-recurrence of one-off retrofitting income)
• Management services: S\$3.5 million (>100% growth, benefiting from onboarding new properties)
• Total revenue: S\$46.7 million (-10.4% YoY)

Portfolio and Operational Update

• Property portfolio: 25 properties (11 owned, 10 leased, 4 managed)
• Number of keys (rooms): 2,933 as at 30 September 2025 (up from 2,541)
• Owned keys: 670 (slightly down due to disposal of 115 Geylang Road)
• Leased keys: 1,855 (up from 1,469 with addition of 159 Jalan Loyang Besar under master lease)
• Managed keys: 408
• Occupancy rates: Owned: 94.7%, Leased: 95.6%, Managed: 99.0%

Strategic and Price-Sensitive Developments

• Significant Expansion Pipeline: Coliwoo targets nearly 4,000 rooms by end-2026 in Singapore, up from 2,933 currently. This growth will be achieved through new acquisitions, strategic master leases, and management contracts.
• New Properties & Projects:
  • Coliwoo Bukit Timah Fire Station: 62 rooms, commenced operations in late September 2025.
  • Coliwoo Midtown (141 Middle Road): 212 rooms, opening in early 2026, located in central Singapore near educational institutions.
  • 159 Jalan Loyang Besar: Being redeveloped into a resort-style chalet with 382 rooms (GFA: 9,936 sqm); operations expected Q2 2026.
  • 50 Armenian Street: Former office building being converted into an upscale boutique hotel (120 rooms) with operations targeted for 2028.
  • 1 King George’s Avenue: Acquired via a 50:50 JV with Macritchie Developments; will be transformed into a mixed-use co-living and commercial development. This conversion of under-utilised assets into higher-yielding co-living properties could unlock significant value.
• Robust Market Outlook: Market conditions remain favorable with continued residential rental supply tightness and a surge in foreign arrivals (especially business and MICE segments). The Singapore Tourism Board expects 2025 tourism receipts to exceed pre-COVID levels, supporting sustained co-living demand.
• Dividend Commitment: The company restated its IPO commitment to pay out at least 40% of core profit after adjusting for listing expenses and non-recurring items for FY2025 and FY2026, providing visibility on shareholder returns.

Management Commentary

“We are extremely pleased with our FY2025 performance, which saw our core PATMI surge by 62.6%. This result, coupled with a significant 11 percentage-point improvement in our gross profit margin, clearly validates the resilience of the Group’s co-living business model and our strategic focus on optimising asset returns. The strong market fundamentals in Singapore, evidenced by sustained high rental demand and a recovering corporate and MICE segment, give us great confidence. With a robust pipeline targeting nearly 4,000 rooms by the end of 2026, Coliwoo is strategically positioned to capture further market share and reinforce our leadership in the co-living space.”


— Kelvin Lim, Executive Chairman and CEO

What Shareholders Should Watch

• Dividend payout: Initiation of dividends is a positive catalyst.
• Pipeline execution: Timely delivery of new projects and successful conversion of commercial assets to co-living spaces will be key to unlocking further value.
• Market demand: Sustained high occupancy rates and room growth bode well for revenue stability and upside.
• Strategic JVs and acquisitions: The King George’s Avenue JV and other asset recycling strategies could have substantial impact on earnings quality and asset value.
• Risks: Shareholders should monitor for any delays or cost overruns in the capex-intensive pipeline, as well as any macro headwinds affecting Singapore’s rental or tourism market.

Conclusion

Coliwoo Holdings’ FY2025 results feature a strong jump in core profitability, a landmark dividend payout, and a clearly articulated expansion roadmap. The company’s flexible, asset-light model and focus on capital recycling, alongside the positive tailwinds in Singapore’s accommodation market, position it as a potential outperformer in the co-living space. The upcoming portfolio ramp-up, dividend track record, and pipeline execution are likely to be closely watched by investors and could drive share price movements in the coming quarters.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult with your financial adviser before making any investment decisions. The author and publisher are not liable for any losses arising from reliance on this information.

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