Competition in Singapore co-living sector cranking up
Demand for co-living spaces in Singapore levelled up over the last two years. But with more operators pushing into the niche residential space, competition has cranked up at a time when demand may be pulling back.
A wave of demand originated from Singaporeans turning to co-living as a more affordable solution when residential rents surged in 2021 and 2022. Operators also saw local renters who were waiting for their flats to be completed, and young professionals driven to look for space to work from home. The recent boost, however, may be winding back.
The local segment made up 7 per cent of co-living tenants pre-pandemic, before peaking at 34 per cent in the fourth quarter of 2021, according to a December 2022 report by Cushman & Wakefield. The proportion has fallen to 18 per cent in Q4 2022.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Miami office tower goes up for sale for more than US$500 million
WeWork cuts new restructuring deal that spurns Adam Neumann
Abu Dhabi builder plans US$6.8 billion luxury housing project
JTC to sell hospitality project being built in Punggol Digital District
Mapletree Logistics Trust posts 2.5% drop in Q4 DPU; manager warns of further headwinds
Abu Dhabi developer Aldar posts 88% in Q1 leap