Coliwoo enters joint venture to acquire 1 King George’s Avenue property for S$40 million

[SINGAPORE] Coliwoo Holdings has entered into a 50:50 joint venture (JV) with Macritchie Developments to acquire a freehold commercial property at 1 King George’s Avenue for S$40 million, and convert the site into a co-living asset.

Macritchie Developments is a private firm owned by Oxley  chief executive officer Ching Chiat Kwong and his son Shawn Ching.

The property, known as Rehau Building, will undergo conversion works to transform it into a co-living space; its commercial units will be retained on the ground floor, Coliwoo announced in a bourse filing on Thursday (Nov 20).

The property is within walking distance of the Jalan Besar and Lavender MRT stations. Coliwoo highlighted the site’s proximity to the Central Business District and educational institutions such as Singapore Management University and Lasalle College of the Arts.

Kelvin Lim, Coliwoo’s executive chairman and chief executive, said: “This joint venture acquisition allows us to add a strategically located property to our portfolio, increasing our keys under management and advancing our growth trajectory.”

The move enables the group to optimise capital deployment through strategic partnerships, he added.

Completion of the acquisition is expected to take place six weeks from Nov 20, or on Dec 31, whichever is earlier.

Funding plans

Coliwoo noted that it will fund its subscription for shares in the JV company through internal resources. However, its proportionate share of the deposit, amounting to S$1 million, will be funded using proceeds raised from the company’s recent initial public offering (IPO).

The group plans to allocate S$34 million of its IPO proceeds for the expansion and asset enhancement of co-living businesses via owned and joint-venture properties.

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The funding arrangements are not expected to have a material impact on the group’s net tangible assets or earnings per share for the financial year ending Sep 30, 2026, Coliwoo said.

The co-living operator announced on Monday the launch of Coliwoo Midtown – a six-storey mixed-use development in Middle Road – in the first quarter of 2026. The project sits on the site of the former GSM Building and is the company’s first new property since its listing debut on the Singapore Exchange on Nov 6.