Broker Name: DBS Group Research
Date of Report: 22 January 2026
Excerpt from DBS Group Research report.
- Coliwoo Holdings Limited is the leading co-living space provider in Singapore, holding close to 20% market share with a portfolio of 2,933 rooms across 25 properties and a high occupancy rate of 96.1%.
- The co-living sector in Singapore is rapidly growing but still only comprises about 6% of the total rental stock, driven by demand from expatriates, foreign students, and higher barriers for property ownership among foreigners.
- Coliwoo is targeting a delivery of an additional 1,600 keys by FY27, with nearly 70% of that pipeline already secured within three months post-IPO, indicating strong execution and growth prospects.
- The company is shifting towards an asset-light model, focusing on managed properties for scalable growth, and is considering capital recycling strategies such as sale and leaseback of smaller assets.
- Key risks include reliance on master leases, potential non-renewals, significant capital expenditures, and regulatory requirements, but the company’s strong brand, operational excellence, and market leadership mitigate these risks.
- DBS initiates coverage with a BUY call and a target price of SGD0.88, reflecting a 15–20% discount to peer multiples to account for scale and execution risks, but recognizing Coliwoo’s robust growth pipeline and sector leadership.
- Coliwoo is well-positioned for regional expansion in Southeast Asia and continues to prioritize sustainability, community engagement, and strong governance.
Report Summary
- Coliwoo dominates Singapore’s co-living market, with strong growth plans, high occupancy, and a well-executed expansion pipeline.
- The sector is expanding rapidly, supported by structural demand trends, and Coliwoo’s asset-light approach and capital recycling strategies support scalable, sustainable growth despite operational and regulatory risks.
Above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website: https://www.dbs.com.sg/
