CapitaLand Ascott Trust Acquires Singapore Co-Living Property for SGD134 Million

Singapore-based CapitaLand Ascott Trust has reached an agreement to purchase Coliwoo Midtown, a co-living property in Singapore, for SGD134 million from a joint venture between Coliwoo Holdings Limited and Macritchie Developments Pte. Ltd., according to an industry report. The transaction values the 212-room facility at roughly SGD632,000 per unit.

The property sits on leasehold land with around 51 years remaining on its tenure, though regulatory approval could permit the trust to extend the lease to a full 99-year term. Originally operating as the GSM Building before its SGD80 million acquisition by Coliwoo in 2023, the asset underwent conversion to co-living use and began welcoming residents this past March.

Spanning approximately 5,839 square metres across six floors, Coliwoo Midtown offers amenities including fitness facilities, dual café spaces, meeting areas, co-working zones, and wellness features such as ice baths and saunas. Following the sale's completion, Coliwoo will retain operational control through a triple-net master lease spanning ten years with a decade-long extension option, providing the trust with fixed rental payments subject to annual indexation.

The acquisition is expected to deliver an EBITDA yield of 4.1 percent, representing a 180-basis-point premium over the 2.3 percent exit yield CapitaLand Ascott Trust recently achieved when divesting The Robertson House by The Crest Collection, a 336-key property.

The deal reflects continued institutional appetite for alternative accommodation formats in Singapore's hospitality sector, as co-living developments attract investment from traditional hotel-focused real estate trusts seeking diversified income streams and exposure to evolving accommodation preferences among younger residents and mobile professionals.