Singapore’s Coliwoo Teams With Oxley Boss to Buy Little India Project for $31M

Singapore-based co-living operator Coliwoo has formed a joint venture with the family behind local builder Oxley Holdings to acquire an ageing office block in the Lion City’s Little India area for S$40 million ($30.6 million).

SGX-listed Coliwoo and Macritchie Developments, a private firm owned by Oxley chairman and CEO Ching Chiat Kwong and son Shawn Ching, will convert the Rehau Building at 1 King George’s Avenue into a mixed-use co-living and commercial space, according to a statement released late Thursday. Macritchie and Coliwoo parent LHN Group have partnered on various redevelopment projects in recent years.

The latest JV deal, which comes two weeks after Coliwoo’s trading debut on the Singapore Exchange, will enable the platform to increase keys under management and advance its growth trajectory, said Coliwoo executive chairman and CEO Kelvin Lim.

“The Rehau Building represents the type of value-creation opportunity we actively pursue — converting an underutilised commercial space into co-living spaces that address genuine market demand,” Lim said. “This collaborative move positions us to continue expanding our portfolio whilst optimising capital deployment through strategic partnerships.”

Freehold Canvas

Situated at the corner of King George’s Avenue and Syed Alwi Road, the Rehau Building serves as the Asia Pacific headquarters of Rehau Group, a Swiss maker of polymer-based products. The seller was described as an independent third party. 

The freehold building occupies 521 square metres of land near the Jalan Besar and Lavender MRT stations and provides 1,564 square metres (16,835 square feet) of gross floor area. Upon completion of the acquisition by the end of 2025, the seven-storey block will undergo conversion works to transform into a co-living space with commercial units retained on the ground floor.

“Its proximity to the central business district and multiple educational institutions — including Singapore Management University, PSB Academy, Lasalle, NAFA, Kaplan, and James Cook University — makes it a highly strategic and attractive location for both students and working professionals seeking convenient access to education, business, and lifestyle amenities,” Coliwoo said.

The announcement follows this week’s news that Coliwoo plans to open a six-storey property at 141 Middle Road near Singapore’s central business district in the first quarter of 2026. LHN had acquired the former GSM Building in 2023 for S$80 million (then $60.1 million) and later sold a stake in the project to Macritchie.

Coliwoo also plans to convert a state-owned property at 159 Jalan Loyang Besar in the Pasir Ris area into a resort-style chalet with 350 rooms by the second quarter of 2026, as well as complete an upscale boutique hotel with 120 rooms at 50 Armenian Street by transforming the former office building acquired last year with Macritchie by 2027.

In February of this year, the Macritchie-LHN partnership inked a joint venture to buy an ageing residential property in the Geylang area for S$30 million ($22.4 million) for redevelopment as a commercial project.

Expansion Plans

Coliwoo shares began trading on the Singapore Exchange on 6 November and closed Friday at S$0.56, down 6.7 percent from their IPO price of S$0.60.

The initial public offering raised gross proceeds of S$101 million ($78 million), with Coliwoo planning to use the capital to expand its portfolio to 4,000 rooms in Singapore by the end of 2026, up from 2,933 rooms currently, via a combination of development projects, master lease agreements and management contracts.

“Through these initiatives, we aim to strengthen brand presence, and reinforce our position as Singapore’s leading co-living operator,” the company said last month.