Singapore’s LHN Files Prospectus for Coliwoo IPO, Agrees to Sell Pasir Panjang Hotel

LHN Group on Tuesday filed a preliminary prospectus for the listing of the developer’s Coliwoo co-living business on the Singapore Exchange.

Coliwoo’s portfolio comprises 25 properties across Singapore, including 11 owned, 10 leased and four managed properties, according to the document. Total assets on Coliwoo’s balance sheet stood at S$408.3 million ($317 million) as of 31 March 2025, against S$331.5 million in total liabilities, the company said in unaudited financials.

No price was disclosed for the initial public offering, and key details like market capitalisation were omitted. The IPO’s joint bookrunners and underwriters are Maybank Securities, DBS Bank and RHB Bank, and the cornerstone investors include Maybank Securities, UOB Asset Management and Hong Kong’s Value Partners.

Also Tuesday, LHN announced a deal to sell its Coliwoo Hotel Pasir Panjang to a non-related party in a transaction valuing the 60-key property at S$43.9 million, as the listed builder led by chairman Kelvin Lim continues to streamline operations and shift assets off its books.

Revenue and Profit Growth

Coliwoo’s total revenue grew from S$15.3 million in 2022 to S$52.2 million in 2024 and reached S$23.1 million in the first half of 2025, according to the prospectus. The business recorded a net profit in the first half of 2025 of S$9.6 million, up 14.8 percent from a year earlier.

Rental income from leased properties amounted to S$30.9 million in 2024 and S$16 million in the first half of 2025, respectively representing 59.3 percent and 69.4 percent of total revenue. Coliwoo also holds a 30 percent stake in The Bus Hotel, a company that leases The Bus Collective resort hotel in eastern Singapore’s Changi area.

The business aims to expand the portfolio from the current 2,933 rooms to close to 4,000 rooms by the end of 2026 through a combination of new developments, master lease agreements and management contracts. Occupancy at the end of June stood at 96.8 percent.

The planned listing of Singapore’s largest co-living operator comes after LHN established a separate Coliwoo entity last December to hold the rental residential business. The group applied for the Coliwoo listing in April and received shareholder approval in September.

Shedding Hotels

In May, LHN agreed to sell a formerly Coliwoo-branded co-living hotel in the city-state’s Geylang area for S$25.8 million (then $20 million). The Geylang asset is one of three freehold co-living properties put up for sale by LHN last October, the others being Coliwoo Hotel Pasir Panjang and the 39-key Habyt Novena.

In June, LHN won a tender for the tenancy of a state-owned property in the Pasir Ris area, with plans to convert the existing structures into Coliwoo’s first resort-style chalet.

The group opened the 62-room Coliwoo Bukit Timah Fire Station last month after winning a tender in April 2024 for reuse of the firehouse near the Bukit Timah Nature Reserve and Bukit Batok Nature Park.