CapitaLand Ascott Trust to acquire Coliwoo Midtown for $134 mil
The property’s close-to-90% July occupancy signals strong flexible-accommodation demand and could encourage further institutional investment and co-living supply in Singapore’s living sector.
CapitaLand Ascott Trust will acquire the 212-room Coliwoo Midtown for $134 million in 4Q2026 and lease it to Coliwoo for 10 years.
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CapitaLand Ascott Trust (CLAS) is acquiring Coliwoo Midtown, a newly refurbished co-living property at 141 Middle Road, for $134 million.
The transaction is expected to be completed in 4Q2026, CLAS announced on August 6. Following the acquisition, CLAS will enter into a 10-year triple-net master lease with Coliwoo, under which the operator will bear most property-related expenses while paying CLAS fixed rent with annual increases.
The six-storey property comprises 212 rooms across eight unit types, including two- to five-bedroom apartments. It reopened in March following a major refurbishment.
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Coliwoo Midtown achieved an average occupancy rate of close to 90% in July, about four months after reopening. Once operations stabilise, the average length of stay is expected to range from six to nine months.
Located in the Bugis-Bras Basah precinct, the property is within a five- to 10-minute walk of four MRT stations. Its facilities include a gym, co-working lounge, two cafes, an ice bath and sauna facilities.
The property caters to corporate professionals, expatriates, international students and local residents.
Serena Teo, CEO of CLAS Management and CapitaLand Ascott Business Trust Management, says the acquisition will expand the trust’s living-sector portfolio.
Following the transaction, living assets will account for 19.5% of CLAS’s total portfolio value, bringing the trust closer to its medium-term target allocation of 25% to 30%.
Singapore’s contribution to CLAS’s portfolio value will also rise to 17%, from 15.4% currently.
The trust will own five properties in Singapore: Ascott Orchard Singapore, lyf one-north Singapore, lyf Funan Singapore, Coliwoo Midtown and Somerset Clarke Quay Singapore. Somerset Clarke Quay is undergoing redevelopment and is expected to begin contributing income from early 2027.
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According to CLAS, the acquisition will allow the trust to tap demand for flexible accommodation from foreign professionals and students. It estimates that existing co-living properties account for about 6% of Singapore’s public and private rental housing stock, with market-wide occupancy rates ranging from 85% to 95%.
Coliwoo Midtown has a remaining leasehold tenure of about 51 years. CLAS says there is potential to top up the lease to a fresh 99-year tenure, which could enhance the property’s long-term value.
Beyond Singapore, CLAS is carrying out asset enhancement works at Citadines Place d’Italie Paris in France, The Cavendish London in the UK and Sotetsu Grand Fresa Osaka-Namba in Japan.
For Coliwoo, the transaction is part of its sale-and-leaseback strategy, under which the operator sells completed properties to institutional investors while continuing to manage them. Kelvin Lim, executive chairman and CEO of Coliwoo, says the model allows the company to recycle capital into new acquisitions while retaining operational control of its properties.
The deal was handled by Knight Frank Singapore. “This transaction reflects the continued depth of investor interest in Singapore's living sector, particularly for well-located, institutional-quality assets,” says Melvin Chay, senior director, capital markets, Knight Frank Singapore.
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