Broker Name: Maybank Research Pte Ltd
Date of Report: February 2, 2026
Excerpt from Maybank Research Pte Ltd report.
- Coliwoo Holdings has made its first major post-listing acquisition, buying a hotel strata lot at Changi Business Park for SGD101m, aiming to convert it into a co-living asset to tap robust demand in the area.
- The strategic location near Changi Airport and a strong pipeline of new rooms position Coliwoo to meet its target of adding at least 800 rooms annually over the next three years, supporting growth and enhancing its co-living portfolio.
Report Summary:
- Coliwoo Holdings expands with a SGD101m acquisition in Changi Business Park, converting a hotel into a co-living property.
- Strategic location serves multiple segments, including corporate tenants and airport-related professionals.
- Lease structure includes a long tenure and renewal option, securing long-term presence.
- Strong development pipeline, with a new resort-style co-living property (382 rooms) slated for launch in 3QFY26.
- Group targets adding 800+ rooms annually, aiming for 4,000 rooms by end-2026.
- Financials indicate high occupancy rates, improved operating cash flow, and reduced gearing.
- Upside drivers: rising expatriate inflows, foreign student demand, and capital recycling; downside risks include macro headwinds and increased competition.
- Maybank maintains BUY rating with a target price of SGD0.74.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website: https://www.maybank-keresearch.com
