{"id":42124,"date":"2021-08-04T14:15:05","date_gmt":"2021-08-04T06:15:05","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=42124"},"modified":"2024-05-22T15:53:19","modified_gmt":"2024-05-22T07:53:19","slug":"co-living-future-singapore-next-five-years","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/co-living-future-singapore-next-five-years\/","title":{"rendered":"The future of co-living spaces in Singapore in the next five years"},"content":{"rendered":"
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It seems like co-living is becoming more popular among locals.<\/p>\n

\u201cWe used to have 10% (of our tenant base being) Singaporeans staying in our co-living spaces. Now we have one-third of them staying<\/em>,\u201d Kelvin Lim, Executive Chairman and Group Managing Director of LHN Group, tells us. The group runs co-living developments across the island under the brand Coliwoo<\/span>, which has seen its occupancy rate across its properties averaging above 90%.<\/p>\n

Other co-living providers 99.co<\/span><\/a> speak to for this feature have also seen a similar rise in its local tenant base. \u201cAs the pandemic drones on, young Singaporeans are yearning for privacy and space which has seen our local tenants growing from 5% to 35% of our customer base<\/em>,\u201d says Sophie Jokelson, CMO and co-founder of Cove<\/span>.<\/p>\n

Norman Cross, Head of lyf<\/span> Brand & General Manager of lyf Operations in Singapore, tells us a similar trend. \u201cWe have also seen an increase in demand for long stays made by local homeowners seeking temporary housing solutions during their home renovations<\/em>.\u201d<\/p>\n

(The Assembly Place also told us they\u2019ve seen more Singaporeans taking up spaces with them in a previous article<\/span><\/a>.)<\/p>\n

But what makes co-living so attractive? Is it just a fancy term for atas ‘<\/i>adult dorm’? What can we expect to see in the co-living sector in the next few years?<\/p>\n

What is co-living?\u00a0<\/b><\/h2>\n

Co-living options generally include shared apartments and private rooms, and feature communal spaces where residents can mingle. But compared to traditional rentals<\/span><\/a>, co-living spaces are fully furnished and come with utilities<\/span><\/a>, allowing tenants to move in without much hassle.<\/p>\n

For instance, Coliwoo @ Keppel comprises private rooms and communal spaces in the form of a lounge, a terrace, and a gym. Each room comes with amenities like ensuite bathrooms, kitchenettes, and washer-dryers. Or as Kelvin puts it, \u201cWhatever we have here is all self-contained<\/em>.\u201d<\/p>\n

\"Terrace<\/a>
One of the communal spaces at Coliwoo @ Keppel is a terrace. Source: Coliwoo<\/figcaption><\/figure>\n

Similarly, lyf Funan Singapore is a separate development comprising a wide range of private units such as studios and apartments, with the larger units equipped with a kitchenette, a refrigerator, and a separate living area. It also features communal spaces such as a social kitchen for guests to prepare their meals.<\/p>\n

Both are like serviced residences, except that they have shared spaces meant to foster a sense of community.<\/p>\n

In comparison, providers such as Cove and Casa Mia<\/span> manage shared apartments located in various condos. The communal spaces include those within the apartments, such as the living room, and condo facilities like the gym.<\/p>\n

Co-living spaces here are generally also centrally located, allowing tenants to live close to their workplace. For instance, Casa Mia has homes in River Valley, Orchard, and Tiong Bahru. And behind the co-living block at Coliwoo @ Keppel is a new office block, providing those who work there an option to live just a stone\u2019s throw away.<\/p>\n

Meanwhile, Cove is expanding to include properties in heartland locations such as Toa Payoh and Clementi, \u201cwhere locals are more familiar and comfortable to stay at<\/em>,\u201d Sophie adds.<\/p>\n

Read more:<\/strong>\u00a0Campus by The Assembly Place redefines co-living for students in Singapore<\/a><\/p>\n