Lhn Group’s Co Living Business Coliwoo Holdings Lodges Preliminary Prospectus Mas
amid challenging times
Coliwoo Holdings, a co-living business, is in the process of being listed on the Mainboard of the Singapore Exchange. The company, which is a subsidiary of real estate management group LHN Group, filed its preliminary prospectus with the Monetary Authority of Singapore (MAS).
Established in 2018, Coliwoo currently has 25 properties in Singapore. Its plan is to expand its portfolio to 4,000 rooms in Singapore by 2026, up from its current 2,933 rooms. This growth will be driven by a combination of upcoming developments, master lease agreements, and management contracts.
Coliwoo intends to use the funds raised from the listing for various purposes, including expanding its co-living business in existing and new markets through leased properties, owned properties, and joint ventures. The company also plans to use the funds to repay loans and cover general working expenses, such as manpower costs.
In the first half of the financial year 2025, Coliwoo maintained a high average occupancy rate of over 95% for all its properties in operation. This trend continued in the same period for the financial year 2025. The company reported a revenue of $28 million, an increase of 83.6% compared to the same period the year before. This was due to new properties, higher occupancy rates, and rental rates in its co-living spaces.
Revenue continued to increase in the financial year 2024, growing by 86% to $52.2 million. This growth was driven by three new properties, full-year revenue contribution from two properties, a new facility services contract, and higher rental rates. However, the cost of sales also increased by 160.9% to $20.8 million due to site maintenance, higher rental expenses, and employee benefits as the business expanded. Despite this, Coliwoo reported a profit of $31.6 million for the financial year 2024.
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In the current year, revenue for the first half of the financial year 2025 increased by 16.3%, reaching $23.1 million. This growth was due to new properties, full-year revenue contribution from one property, and higher occupancy rates in other properties. The company also reported a profit of $9.6 million for the period, a 14.8% increase from the previous year.
As of August 2025, Coliwoo had cash and cash equivalents of $28.4 million, and indebtedness of $252.5 million. It generated net cash from operating activities of $15.4 million in the financial year 2024 and $10.6 million in the first half of the financial year 2025.
Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management, Maybank Securities, UOB Asset Management, Value Partners Hong Kong, and Whitefield Capital Management are the cornerstone investors in Coliwoo.