# Co-living, senior housing in sharper investor focus; lines blur between living formats

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-21T12:29:53.000Z
- **Author:** Fiona Lam
- **Original:** https://www.edgeprop.sg/property-news/co-living-senior-housing-sharper-investor-focus-lines-blur-between-living-formats
- **Topics:** Commercial & Industrial, Investment & Capital Markets, Regional Markets

## Featured rationale

Demographic change and overlapping tenant needs may encourage integrated investment platforms and conversions of older properties, although regulation and operating costs could constrain Singapore’s supply growth.

## AI summary

Institutional capital across Asia Pacific is increasingly targeting co-living, build-to-rent, student accommodation and senior housing, alongside adaptive reuse and hybrid living formats.

## Original article

Living sectors — formerly a niche, alternative asset class — are moving into the mainstream as institutional capital is flowing into growth areas such as co-living, build-to-rent, student accommodation and senior housing across Asia Pacific.

The region’s living sectors are becoming a more diversified investment opportunity, and there is still "ample scope" for investors to expand supply across a range of markets, wrote real estate consultancy Knight Frank in an insights report released in late July.

Adaptive reuse is also picking up pace, while product design is shifting towards hybrid formats as traditional boundaries fade.

Read also: Ascott's lyf Chinatown 90-key property debuts in shophouses, offers community experiences

Christine Li, head of research at Knight Frank Asia Pacific, said that against a backdrop of market gaps across the region, the living sector "continues to offer significant scope for investors to generate higher returns through operational and capital allocation strategies".

Institutional living: Depth and opportunity:

While multifamily remains the main segment, demand is rising for alternative living arrangements amid changes in demographic trends and lifestyles.

This is placing in the spotlight the likes of co-living, senior housing and purpose-built student accommodation.

Delayed marriage, smaller household sizes, greater mobility and a growing preference for flexibility are reshaping how people choose to live, which supports demand for a more diverse range of living solutions across life stages.

Co-living gains traction as millennials seek alternatives

In particular, co-living has come into focus as the number of single households in Asia Pacific increases. More occupants aged 20–35 are opting for smaller units suitable for one or two people, instead of traditional family homes.

"Co-living operators are well-positioned to meet this demand by offering a hybrid of private and shared spaces, with private bedrooms or en suite bathrooms alongside shared common spaces such as kitchens, lounges and co-working spaces," Knight Frank noted.

Read also: Coliwoo to open Changi resort-style co-living hotel after 10-month restoration

In Singapore, demand from locals — once negligible — is now meaningful, said Kelvin Lim, CEO of Singapore-based co-living operator Coliwoo, in the report.

These locals opting for co-living include homeowners who need temporary accommodation during renovation or the Home Improvement Programme, residents in transitional living situations, and young professionals wanting independence closer to the workplace.

This reflects a deeper demographic shift in the city-state, Lim shared. Average household sizes have fallen from 3.4 to 3.1 over the past decade, and one-person households currently make up 16% of resident households.

Moreover, across the region, co-living companies emphasise community programming, including events, workshops, networking and social activities — with the goal of offering a built-in lifestyle and community besides a place to live, Knight Frank added.

Affordability is another key driver, as residents can potentially save on costs at co-living properties as compared to similarly sized studio apartments.

Constrained housing affordability in many Asia Pacific markets:

Tenants in co-living typically sign shorter-term leases or even month-to-month agreements, which suit individuals who may only stay in a city for a limited time due to work or study.

Read also: Weave Living puts Jalan Sultan property back on the market at lower price of $95 mil

"This flexibility, combined with the convenience of bundled services, makes co-living an increasingly attractive option," Knight Frank said.

Incremental growth in Singapore co-living

Singapore’s co-living market in particular has gained momentum to emerge as a distinct segment within the country’s broader residential rental landscape, the real estate consultancy highlighted.

It is generally viewed as a defensive, specialty component within the accommodation ecosystem.

Types of residential co-living developments in Singapore:

While co-living in Singapore offers relative income visibility supported by structural demand, its scalability is currently constrained by regulation, availability and competitive intensity.

Knight Frank described co-living as a complementary accommodation format in Singapore rather than a substitute for conventional residential leasing.

Its performance is closely linked to broader rental market conditions. As private residential rents normalised after peaking in 2023, co-living has continued to benefit from its all-inclusive pricing and shorter minimum lease terms, although it “does not appear insulated from broader rental moderation”, Knight Frank said.

Supply remains limited and highly concentrated. Singapore is estimated to have around 9,000 to 10,000 co-living keys, the bulk of which are located in the Central Region.

Many operators have gravitated towards conserved shophouses and centrally located residential assets, where mixed-use planning provisions and strong amenity appeal support the co-living proposition.

The regulatory framework involving minimum stay rules for different types of properties provides clarity and neighbourhood protection. However, it also caps flexibility and reduces the addressable stock pool, Knight Frank pointed out.

"As a result, co-living growth in Singapore has been incremental rather than expansive, with operators competing within a relatively fixed supply base," the firm added.

Rising operating costs, regulatory compliance requirements, and stiff competition for well-located assets also continue to constrain returns and scalable expansion.

Growing supply gap in senior living

Although Asia Pacific faces a rapidly ageing population — the number of people aged 60 and above is expected to nearly double by 2050 — the supply of dedicated senior housing has not kept pace.

Markets in the region remain vastly underpenetrated. That said, the sector requires operational expertise and the ability to navigate regulatory challenges.

Vastly underpenetrated senior living markets in Asia Pacific:

Australia and Japan continue to be the region’s most mature senior living markets, offering scale and stability.

South Korea is also emerging as a growth market, with supportive government policies, including regulation for developers, incentives for seniors to transition into retirement housing, and support for tax-efficient structures such as Reits.

Blurring between formats, evolving investor strategies

Knight Frank has observed a clear shift away from viewing the living sectors in isolation.

Instead, investors are building integrated platforms that span purpose-built student accommodation, build-to-rent, co-living and senior housing, said Knight Frank’s global head of living sectors, James Mannix.

"This holistic approach allows investors to drive performance through operational synergies and more efficient capital deployment," he continued.

Meanwhile, the traditional boundaries between multifamily, co-living and student housing are blurring, as the three converge into a broader category defined by rental demand, flexibility and service-led offerings.

The tenant base overlaps heavily across the spectrum, making the distinction between asset classes increasingly artificial, in Knight Frank's view.

"Investors and operators are recognising that these asset classes share similar fundamentals, including short-stay or rolling tenancies, high occupancy needs and operational intensity," the consultancy noted.

Product design, therefore, is evolving towards hybrid formats in the region. Co-living schemes now attract young professionals and students, while more student housing is incorporating amenities and lease flexibility comparable to market-rate multifamily options.

At the same time, multifamily developments are adopting hospitality-style features such as co-working spaces, communal areas and curated tenant experiences.

Investors may thus wish to diversify within a single platform, optimise occupancy across segments and capture multiple demand pools through more flexible, operationally driven residential strategies.

Adaptive reuse as part of evolving strategic playbook

More capital is also pivoting towards value-add strategies that offer rental upside through asset repositioning and active management, while avoiding the execution and development risks associated with ground-up construction.

This comes amid rising construction costs in Asia Pacific. Replacement costs have been outpacing achievable rents, compressing new development margins and extending breakeven timelines in much of the region.

Adaptive reuse drives value:

Adaptive reuse is "particularly well-suited" to co-living, multifamily and purpose-built student accommodation, Knight Frank reckoned.

"These formats are inherently flexible and operationally driven, with less demanding specifications than other real estate assets," it added.

Older residential blocks, lower-grade offices and hospitality assets can be repositioned into rental housing, co-living or senior-oriented developments.

They may combine physical reconfiguration with targeted capital expenditure, including energy-efficient retrofits that also support broader environmental, social and governance objectives.

This approach can shorten delivery cycles, reduce zoning or regulatory risk, and create differentiated stock in supply-constrained submarkets.

The conversion of heritage properties into co-living formats, as seen in Singapore, can further enhance product appeal and market positioning, according to Knight Frank.

## Chinese translation

> Translation model: grok

### 共居与乐龄住房更受投资者关注；居住业态界限趋模糊

更多投资资本也转向适应性再利用与增值策略，以争取租金上行空间：居住板块报告

居住板块——曾是小众另类资产类别——正迈入主流，机构资本流向亚太区共居、建租并举（build-to-rent）、学生公寓与乐龄住房等增长领域。

房地产顾问莱坊在7月下旬发布的洞察报告中写道，区内居住板块正成为更趋多元化的投资机会，投资者在多个市场扩大供应仍有“充足空间”。

适应性再利用亦在加速，产品设计则随传统界限淡化而转向混合业态。

另读：雅诗阁lyf Chinatown 90间钥匙店屋物业亮相，提供社区体验

莱坊亚太区研究主管Christine Li表示，在区内存在市场缺口的背景下，居住板块“持续为投资者通过运营与资本配置策略创造更高回报提供显著空间”。

机构居住：深度与机会

尽管多户住宅（multifamily）仍是主要细分，但在人口趋势与生活方式变化下，对另类居住安排的需求正在上升。

这使共居、乐龄住房与专用学生公寓等业态成为焦点。

晚婚、家庭规模缩小、流动性提高，以及对灵活性偏好增强，正在重塑人们的居住选择，从而支撑人生各阶段更多元的居住解决方案需求。

千禧一代寻求替代方案，共居升温

尤其是，随着亚太区单身家庭数量增加，共居受到关注。更多20–35岁住客选择适合一人或两人的小户型，而非传统家庭住宅。

莱坊指出：“共居运营商通过提供私密与共享空间的混合——私人卧室或套卫，以及厨房、休息室与共享办公等公共空间——有良好条件满足这一需求。”

另读：Coliwoo经10个月修复后将开业樟宜度假风共居酒店

报告中，新加坡共居运营商Coliwoo首席执行官Kelvin Lim表示，在新加坡，一度可忽略的本地需求现已具实质意义。

选择共居的本地住客包括：装修或居者改善计划（Home Improvement Programme）期间需要临时住所的业主、处于过渡居住阶段的居民，以及希望更靠近工作地点独立生活的年轻专业人士。

Lim称，这反映了狮城更深的人口结构转变。过去十年平均家庭规模从3.4降至3.1，一人家庭目前占居民家庭的16%。

此外，莱坊补充，区内共居公司强调社区活动策划，包括活动、工作坊、社交与人脉拓展——目标是除了住处，还提供内置的生活方式与社群。

可负担性是另一关键驱动因素，因为与同面积套房公寓相比，共居物业或可为住客节省成本。

亚太多个市场住房可负担性受限：

共居住客通常签署较短租约，甚至按月协议，适合因工作或学习仅在某城短暂停留的人士。

另读：Weave Living将Jalan Sultan物业以较低的9,500万新元重新挂牌

莱坊称：“这种灵活性，加上捆绑服务的便利，使共居愈发具吸引力。”

新加坡共居渐进式增长

该房地产顾问机构强调，新加坡共居市场尤其获得动能，已在更广泛住宅租赁格局中形成独立细分。

它通常被视为住宿生态中防御性、专业化的组成部分。

新加坡住宅共居发展类型：

尽管新加坡共居受结构性需求支撑，具备相对收入可见度，但其可扩展性目前受监管、供应可得性与竞争强度制约。

莱坊将共居描述为新加坡的互补住宿业态，而非传统住宅租赁的替代。

其表现与更广泛租赁市场状况密切相关。私人住宅租金在2023年见顶后趋于正常化，共居继续受惠于全包定价与更短的最低租期，尽管莱坊称其“似乎并未与更广泛租金放缓绝缘”。

供应仍然有限且高度集中。新加坡估计约有9,000至10,000个共居钥匙单位，大部分位于中央区。

许多运营商倾向保育店屋与市中心住宅资产，混合用途规划条件与强劲配套吸引力支持共居主张。

涉及不同物业类型最低住宿规则的监管框架提供了清晰度与邻里保护。但莱坊指出，这也限制了灵活性，并缩小了可触达的库存池。

该机构补充：“因此，新加坡共居增长呈渐进式而非扩张式，运营商在相对固定的供应基础上竞争。”

运营成本上升、监管合规要求，以及对区位优良资产的激烈竞争，也继续制约回报与可扩展扩张。

乐龄居住供应缺口扩大

尽管亚太区面临人口快速老龄化——60岁及以上人口预计到2050年将近乎翻倍——专用乐龄住房供应未能跟上。

区内市场渗透率仍极低。不过，该板块需要运营专长，并有能力应对监管挑战。

亚太乐龄居住市场渗透率极低：

澳大利亚与日本仍是区内最成熟的乐龄居住市场，具备规模与稳定性。

韩国亦正成为增长市场，政府政策支持包括对开发商的监管、鼓励乐龄人士转入退休住房的激励，以及对房地产投资信托（REIT）等税务高效结构的支持。

业态界限模糊、投资者策略演变

莱坊观察到，明显不再将居住板块各自孤立看待。

相反，莱坊全球居住板块主管James Mannix表示，投资者正打造涵盖专用学生公寓、建租并举、共居与乐龄住房的综合平台。

“这一整体方法使投资者能通过运营协同与更高效的资本配置驱动表现，”他续称。

与此同时，多户住宅、共居与学生公寓之间的传统界限正趋模糊，三者汇入由租赁需求、灵活性与服务型产品定义的更广泛类别。

在莱坊看来，租户群在整个光谱上高度重叠，使资产类别之间的区分愈发人为。

该顾问机构指出：“投资者与运营商认识到，这些资产类别共享相似基本面，包括短租或滚动租约、高入住需求与运营密集度。”

因此，区内产品设计正朝混合业态演进。共居方案现吸引年轻专业人士与学生，而更多学生公寓正纳入与市场价多户住宅相当的配套与租约灵活性。

同时，多户住宅发展正采用酒店式特征，如共享办公空间、公共区域与策划的租户体验。

投资者或可因此在单一平台内分散布局、跨细分优化入住，并通过更灵活、运营驱动的住宅策略捕捉多重需求池。

适应性再利用纳入不断演变的战略手册

更多资本也转向通过资产重新定位与主动管理争取租金上行空间的增值策略，同时避免从零开发的执行与开发风险。

这发生在亚太区建筑成本上升之际。重置成本已超过可实现租金，压缩新建开发利润空间，并延长区内许多市场的盈亏平衡时间。

适应性再利用驱动价值：

莱坊认为，适应性再利用“尤其适合”共居、多户住宅与专用学生公寓。

它补充道：“这些业态本质上灵活且运营驱动，规格要求低于其他房地产资产。”

较旧住宅楼、较低档写字楼与酒店资产可重新定位为租赁住房、共居或面向乐龄的发展项目。

它们可将物理改造与有针对性的资本开支相结合，包括节能改造，亦支持更广泛的环境、社会与治理（ESG）目标。

这一方法可缩短交付周期、降低区划或监管风险，并在供应受限的子市场创造差异化库存。

据莱坊，如新加坡所见，将遗产物业转为共居业态，可进一步提升产品吸引力与市场定位。