JLL reports that the outlook is excellent and Singapore co-living industry may follow the trajectory of New York and Tokyo.
The co-living industry in Singapore is thriving, according to JLL’s report on “Co-Living in Singapore: Here to stay” published recently.
With approximately 20 active co-living players and more than 9,000 co-living rooms in various layouts, the Singapore market is becoming increasingly competitive and innovative, which augurs well for consumers looking for affordable and flexible housing options.
According to JLL’s research, the three largest co-living players in Singapore based on total units under operation and in the pipeline are Coliwoo, The Assembly Place, and Bespoke Habitat. Collectively, these three companies account for close to 50% of the total co-living supply in Singapore.
The Singapore government is taking positive steps towards encouraging the co-living industry. The Singapore Land Authority (SLA) recently launched a Price-Quality tender for the tenancy (on a renewable five-year lease) of state property at 79-95 Hindoo Road — originally built in the 1920s by the government to house labourers — to be readapted for residential (co-living) use.