# Josh Hu: Build-to-suit co-living the next growth venture for Aw & Sons - **Source:** EdgeProp Singapore - **Published:** 2026-07-24T01:00:00.000Z - **Author:** Cecilia Chow - **Original:** https://www.edgeprop.sg/property-news/josh-hu-build-suit-co-living-next-growth-venture-aw-sons - **Topics:** Private Residential, Investment & Capital Markets ## Featured rationale The rapid take-up may support confidence in purpose-built co-living, potentially encouraging scalable developments beyond the sector’s conventional reliance on converted properties. ## AI summary Aw & Sons Capital’s 235-room Mber co-living and serviced residence in Serangoon reached 80% occupancy after opening in early June. ## Original article After graduating from university, Josh Hu had envisioned a career in the media industry. He was working as a photographer at luxury lifestyle magazine Revolution for barely a year when his grandfather called and asked him to join the family business, Aw & Sons Group, and help his father. That was 21 years ago. “I’m the eldest grandson,” says Hu, now 44 and managing director of Aw & Sons Capital. Hu's grandfather, Aw Kim Chen ("Hu" is the pinyin version of "Aw"), founded the company in 1971 as a rubber-trading enterprise. He was the patriarch of the firm, which has since evolved into an established real estate investment and development group. Aw & Sons Capital, one arm of the business, is headed by Aw Kim Chen's eldest son, Aw Chye Wee, together with Hu. Its sister company, Kimen Group, is headed by Hu's two younger uncles: second son Aw Chye Huat oversees investments, while youngest son Arthur Aw oversees real estate development. Read also: Co-living, senior housing in sharper investor focus; lines blur between living formats Hu’s latest project, Mber Co-Living & Serviced Apartments — a 235-room, purpose-built co-living and serviced residence development at Teck Chye Terrace in Serangoon — is Aw & Sons Capital’s most ambitious project to date. Mber opened sometime in early June, and based on its phased release, occupancy has ramped up to 80%. Hu is targeting to hit 100% occupancy before the end of the year. The property has a prominent frontage along Boundary Road and Upper Serangoon Road. It is a redevelopment of a row of 15 shophouses which were acquired in two rounds: five in 2015 ($14.13 million), then 10 more in 2020 ($39 million). The site was then amalgamated with the adjacent state land. Hu had bet on redeveloping the site into a hybrid co-living and serviced apartment project as “there is no comparable co-living product in the north-east area”, he says. “This is a very interesting part of Singapore.” Capitalising on heritage, new growth areas The site was formerly occupied by the Lim Tua Tow Market for three decades from the 1960s to 1990s before it was redeveloped into the shophouses. “We like the charm of heritage shophouses, but these are non-conservation properties, so we could redevelop them, but we also want to pay homage to the previous Lim Tua Tow Market,” he adds. Hence, he worked closely with local architectural firm Formwerkz Architects on the exterior — “to blend heritage with modernity”. Meanwhile, the interiors were designed by Afternaut Group, which has experience in designing heritage projects such as shophouses and in placemaking. Read also: Ascott's lyf Chinatown 90-key property debuts in shophouses, offers community experiences “We saw it as a very attractive opportunity,” says Hu. Apart from the heritage, Hu says the other main draw was the location in Serangoon, with a handful of international schools within a 2km radius, including Australian International School, North London Collegiate School, Stamford American School, Toppers International School and Wise Oaks International. He sees opportunities in tapping demand from expatriates working in the three major employment clusters situated within a 10- to 20-minute drive from Mber — Punggol Digital District, Seletar Aerospace and Paya Lebar Central, which has developed into a decentralised cybersecurity and ops-tech node. The Serangoon MRT Interchange Station (North-East and Circle lines) and bus interchange are also within a 10-minute walk from Mber. Build-to-suit co-living space Billed as “the first build-to-suit” (BTS) co-living space, Mber has 78 co-dwelling units and 47 serviced apartments. The serviced apartments are a mix of three- and four-bedroom units, ranging from 920 to 1,340 sq ft. This brings the total room count in the development to 235. Hu says it’s also “an integrated development”, offering a gym featuring the latest equipment used by those training for Hyrox; an outdoor fitness area; and 14 communal spaces, including co-working, dining, a private library, games and yoga. The co-living units are designed as individual bedrooms with wardrobe space and en suite bathrooms. They are centred around the communal spaces, which are equipped with a living area, dining and a fully equipped kitchen. There is also a communal laundry area in the basement. Read also: Coliwoo to open Changi resort-style co-living hotel after 10-month restoration On the first level are five F&B units, all fully leased, each with a different concept: a coffee place, a Thai wonton mee outlet, a Korean fusion café, a Japanese bento takeaway, and a Chinese grill and hotpot restaurant. The operators are currently renovating their units, which are expected to open sometime between August and September. Given its location, the F&B outlets also serve the wider community in the neighbourhood. In fact, Mber has seen walk-ins, generally from residents in the area enquiring if they can book rooms for family or friends visiting from abroad. There are also those looking at wellness-focused staycations, mainly to use the gym and fitness facilities. “Since the pandemic, there has been a lot of focus on wellness,” says Hu. Beyond adaptive reuse, conversion play According to Josh Rose-Nokes, head of living research, Asia Pacific, at Cushman & Wakefield (C&W), in a June commentary, Singapore is at the more mature end of the co-living spectrum in Asia Pacific. There are around 10,000 professionally managed operational co-living rooms in the city-state, estimates C&W. The figure is equivalent to about 6% of the combined private non-landed and HDB rental stock of roughly 190,000 units as at the end of 2025. “If the sector is to make a more meaningful contribution to the housing mix, adaptive reuse and conversions cannot be the whole story,” says Rose-Nokes. Institutional capital will back mainly scalable platforms led by operators that can deliver strong occupancy, sustainable growth, affordability, flexibility and positive resident outcomes. “If these conditions are met, co-living could evolve from a niche segment into a mainstream component of Singapore’s housing ecosystem,” notes Rose-Nokes. “Without them, the sector risks remaining constrained by the finite pool of assets available for conversion.” More than just rooms for lease For Hu of Aw & Sons, that means more opportunities to expand his BTS concept for Mber co-living developments. “Customers are becoming more discerning when selecting co-living spaces,” he says. “That’s why differentiation is important. As a BTS co-living development, it’s more design- and hospitality-led, with a focus on the quality of the living space.” He is of the opinion that the current co-living operators are “slicing the rooms far too small”, which is not sustainable. “No point going for room count on a valuation basis,” he argues. “At some point, the performance of the property has to be able to catch up as well.” The group is also open to refurbishment of conservation properties. However, the principles of BTS remain, he emphasises. According to Hu, the name Mber is shortened from the word ”member”. “We wanted something catchy that resonates with youths,” he says. By extension, he coined the names Mber Club, for residents’ social programmes and workshops, and Gymber, for the gym and fitness centre. “Our belief is that co-living is not just about rooms for lease,” says Hu. “It has to be conceptualised as part of a community.” Back to the city With Mber having established a foothold in the north-eastern suburbs, Hu wants to bring the brand “back to the city”. “Ultimately, it has to be accessible, and we want to position it as a premium brand,” he says. Earlier in July, Aw & Sons acquired a pair of freehold four-storey conservation shophouses at 136 and 138 Neil Road in Tanjong Pagar for $40.88 million. The shophouses currently house the German cultural and language institution, Goethe-Institut, which has been there since 2015. While still in an exploratory phase, Hu says his eventual plan is to house other upcoming concepts, such as wellness, that complement his living concept. “We want to have a holistic offering under the Mber umbrella,” he adds. Hu wants Mber to be a premium hospitality brand in the co-living sector. “Our mantra is: we are not a cookie-cutter developer,” he adds. He is also looking at development opportunities in the Government Land Sales Programme. Aw & Sons’ first foray into hospitality was the boutique Hotel Soloha, which spans three adjoining conservation shophouses. It is a refurbishment of the former Chinatown Hotel on Teck Lim Road — just off Keong Saik Road in Chinatown — which Aw & Sons acquired jointly with Kimen Group’s Aw Kim Cheng Realty in 2017 for $31 million. “We built Hotel Soloha from scratch, after restoring the shophouses,” says Hu. “It was a very steep learning curve.” The 45-room hotel made its debut in 2019. Three years later, in May 2022, it was sold to seasoned property investor Lim Chin Huat for $53.38 million, which translates to $1.19 million per key. At Mber, Hu is determined to remain both owner and operator. “For now, we would rather stay asset-heavy instead of asset-light,” he says. “We are not chasing a quick shareholders’ exit.” ## Chinese translation > Translation model: grok ### Josh Hu：定制建造联合居住成Aw & Sons下一增长业务 125间客房的Mber项目融合联合居住、服务式公寓与以社区为中心的共享空间。 大学毕业后，Josh Hu曾设想进入媒体行业。他在奢华生活方式杂志《Revolution》担任摄影师不到一年，祖父便打电话请他加入家族企业Aw & Sons集团，协助父亲。 那是21年前的事。“我是长孙，”现年44岁、担任Aw & Sons Capital董事总经理的Hu说。 Hu的祖父Aw Kim Chen（“Hu”是“Aw”的拼音写法）于1971年创办公司，最初为橡胶贸易企业。他是公司的大家长，此后集团已演变为成熟的房地产投资与开发集团。业务分支之一Aw & Sons Capital，由Aw Kim Chen长子Aw Chye Wee与Hu共同领导。姊妹公司Kimen Group由Hu的两位较年轻叔叔领导：次子Aw Chye Huat负责投资，幼子Arthur Aw负责房地产开发。 延伸阅读：联合居住、乐龄住房更受投资者关注；居住业态界限模糊 Hu的最新项目——Mber Co-Living & Serviced Apartments，位于实龙岗Teck Chye Terrace的一座235间客房、专为用途而建的联合居住与服务式住宅发展项目——是Aw & Sons Capital迄今最雄心勃勃的项目。 Mber于6月初开业，按分阶段放盘计算，入住率已升至80%。Hu的目标是在年底前达到100%入住。该物业沿Boundary Road与Upper Serangoon Road拥有显眼临街面。 它是对一排15间店屋的重建，分两轮收购：2015年5间（1,413万新元），2020年再购10间（3,900万新元）。随后地块与相邻国有土地合并。 Hu押注将该地块重建为联合居住与服务式公寓的混合项目，因为“东北部没有可比的联合居住产品”，他说。“这是新加坡很有意思的一个区域。” 借助遗产魅力，把握新增长区 该地块在1960至1990年代曾被Lim Tua Tow Market占据三十年，之后重建为店屋。“我们喜欢遗产店屋的魅力，但这些并非受保育物业，因此可以重建，我们也想向昔日的Lim Tua Tow Market致敬，”他补充道。 因此，他与本地建筑事务所Formwerkz Architects密切合作设计外观——“将遗产与现代融合”。室内则由Afternaut Group设计，该团队在店屋等遗产项目与场所营造方面经验丰富。 延伸阅读：雅诗阁lyf Chinatown 90间钥匙物业于店屋亮相，提供社区体验 “我们认为这是一个非常有吸引力的机会，”Hu表示。 除遗产外，Hu表示另一主要吸引力是实龙岗的地段：2公里半径内有多所国际学校，包括Australian International School、North London Collegiate School、Stamford American School、Toppers International School与Wise Oaks International。 他看到可挖掘的外籍人士需求：在距离Mber约10至20分钟车程的三大就业集群工作——榜鹅数码区（Punggol Digital District）、实里达宇航（Seletar Aerospace）与巴耶利峇中央（Paya Lebar Central，已发展成去中心化的网络安全与运维科技节点）。 实龙岗地铁换乘站（东北线与环线）与巴士转换站，距Mber步行约10分钟可达。 定制建造联合居住空间 标榜为“首个定制建造”（build-to-suit，BTS）联合居住空间，Mber拥有78个共居单位与47套服务式公寓。服务式公寓为三卧与四卧混合，面积920至1,340平方英尺。这使得整个项目总客房数达235间。 Hu表示它也是“综合发展项目”，提供配备Hyrox训练所用最新设备的健身房、户外健身区，以及14个共享空间，包括共享办公、餐饮、私人图书馆、游戏与瑜伽。 联合居住单位设计为带衣柜与套卫的独立卧室，环绕共享空间布局，共享空间配备起居区、用餐区与全配套厨房。地下室还有共享洗衣区。 延伸阅读：Coliwoo经10个月修复后将开设樟宜度假式联合居住酒店 首层有五个餐饮单位，全部租满，各有不同概念：咖啡店、泰式云吞面店、韩式融合咖啡馆、日式便当外带，以及中式烧烤火锅餐厅。运营商目前正在装修，预计8月至9月间开业。 鉴于地段，餐饮店也服务周边更广泛社区。事实上，Mber已有散客到访，多为附近居民询问能否为从国外来访的家人或朋友预订房间。 也有人寻求以康养为重点的居家度假，主要是使用健身房与健身设施。“疫情以来，人们对康养非常关注，”Hu表示。 超越适应性再利用与改建 据戴德梁行亚太居住研究主管Josh Rose-Nokes在6月评论中指出，新加坡在亚太联合居住光谱中处于更成熟一端。 C&W估计，新加坡约有10,000间由专业管理的运营中联合居住房间。该数字相当于截至2025年底约19万套私人非有地与HDB租赁存量合计的约6%。 “如果该板块要对住房结构做出更有意义的贡献，适应性再利用与改建不能是全部故事，”Rose-Nokes表示。 机构资本将主要支持由运营商主导的可规模化平台——这些运营商能实现高入住、可持续增长、可负担性、灵活性与积极的居住者成果。“若这些条件得到满足，联合居住可能从利基板块演变为新加坡住房生态系统的主流组成部分，”Rose-Nokes指出。“若做不到，该板块可能仍受限于可用于改建的有限资产池。” 不只是出租房间 对Aw & Sons的Hu而言，这意味着有更多机会扩展其Mber联合居住项目的BTS概念。“客户在选择联合居住空间时越来越挑剔，”他说。“因此差异化很重要。作为BTS联合居住发展项目，它更以设计与酒店服务为导向，关注居住空间品质。” 他认为当前联合居住运营商“把房间切得太小”，不可持续。“没有必要仅为估值去追求房间数量，”他主张。“到某个阶段，物业表现也必须跟得上。” 集团也对保育物业翻新持开放态度。但他强调，BTS原则仍然适用。 据Hu介绍，名称Mber取自“member”一词的缩写。“我们想要一个对年轻人有共鸣、朗朗上口的名字，”他说。由此延伸，他创造了Mber Club（住户社交活动与工作坊）与Gymber（健身房与健身中心）等名称。 “我们的信念是，联合居住不只是出租房间，”Hu表示。“它必须被构想为社区的一部分。” 回到市区 在Mber已于东北郊区站稳脚跟后，Hu希望将品牌“带回市区”。“最终，它必须是可达的，我们希望将其定位为高端品牌，”他说。 7月早些时候，Aw & Sons以4,088万新元收购丹戎巴葛Neil Road 136与138号一对永久地契四层保育店屋。这些店屋目前为德国文化与语言机构歌德学院（Goethe-Institut）所在，自2015年起入驻。 虽仍处于探索阶段，Hu表示最终计划是容纳其他即将推出的概念，例如与其居住概念互补的康养。“我们希望在Mber伞下提供整体化产品，”他补充道。 Hu希望Mber成为联合居住板块的高端酒店式品牌。“我们的信条是：我们不是千篇一律的发展商，”他补充道。 他也在关注政府售地计划中的开发机会。 Aw & Sons首次涉足酒店业是精品酒店Hotel Soloha，横跨三间相连保育店屋。它是对唐人街Teck Lim Road（毗邻Keong Saik Road）前Chinatown Hotel的翻新——Aw & Sons于2017年与Kimen Group旗下Aw Kim Cheng Realty以3,100万新元共同收购。 “我们在修复店屋后从零打造Hotel Soloha，”Hu表示。“学习曲线非常陡峭。”这座45间客房的酒店于2019年亮相。三年后的2022年5月，以5,338万新元售予资深房产投资者Lim Chin Huat，折合每间钥匙119万新元。 在Mber，Hu决心继续既当业主也当运营商。“目前，我们宁可保持资产重而非资产轻，”他说。“我们不追逐股东的快速退出。”