Post by Lynnette Tania Lee

Singapore has seen a wide variety of fresh listings over the past year, from tech companies to REITs. But one of the more interesting stories this cycle has been co-living. In the space of three months, two co-living operators have gone public on the SGX. Coliwoo Holdings listed on the Mainboard in November 2025, followed by The Assembly Place (TAP) on the Catalist board in January 2026. Both IPOs were heavily oversubscribed. Coliwoo's public tranche was 20.7 times covered and TAP's a remarkable 35.5 times, and both drew cornerstone backing that included managers appointed under MAS' $6.5 billion Equity Market Development Programme. The two are built differently, and that's really the heart of the story. Coliwoo, spun off from LHN, owns and leases its own buildings, giving it a cleaner earnings track record at a cheaper valuation. TAP runs asset-light, leasing and managing without owning, which lets it scale faster but leaves it leaning on landlords. One offers the steadier path, the other the quicker one. "With our 19.5% market share of Singapore's co-living market and proven capabilities, we believe we are well-positioned to capitalise on favourable sector dynamics," says Kelvin Lim, executive chairman and CEO of Coliwoo. The timing helps. Singapore's co-living market is projected to grow from $8.6 billion in June 2025 to $9.7 billion by 2030, and the early analyst scorecard on both names is mostly bullish. Read my story in this week's issue of The Edge Singapore for more insights on how Singapore's listed co-living players stack up. Photos: Albert Chua/The Edge Singapore https://lnkd.in/guv-SFxS #readtheedge