{"id":105925,"date":"2019-04-10T10:59:51","date_gmt":"2019-04-10T03:59:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/co-living-gaining-traction-in-singapore\/"},"modified":"2019-04-10T11:03:49","modified_gmt":"2019-04-10T04:03:49","slug":"co-living-gaining-traction-in-singapore","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/co-living-gaining-traction-in-singapore\/","title":{"rendered":"Co-living gaining traction in Singapore"},"content":{"rendered":"


\nA new survey shows that convenience, location and affordability are the main reasons current users choose co-living.
\nWhile it is still in its early stages of development, the co-living sector in Singapore is expected to appeal to a broader user base over time \u2013 opening up new opportunities for real estate developers and investors, according to a JLL report.
\nA JLL survey showed that convenience, location and affordability were the main reasons current users choose co-living.
\nLooking for a property in Downtown Singapore?\u00a0Find an agent\u00a0to take the hassle out of your home search.\u00a0
\nAmong non-users, about 10 percent of respondents indicated that they would consider co-living, of whom 64 percent were expatriates.
\n\u201cWith co-living currently making up less than one percent of Singapore\u2019s private residential housing stock, our research demonstrates there is a largely untapped market for the segment amongst the 1.6 million foreign population,\u201d said Tay Huey Ying, head of research at JLL Singapore.
\n\u201cSuccess in the co-living sector will be built upon operators\u2019 ability to change the way people live by plugging inefficiencies in traditional housing models. However, one hurdle for co-living operators to overcome is the deeply entrenched home-ownership culture amongst Singaporeans.\u201d
\nDespite this, the Singapore co-living market has benefited from accelerated investment during the past year, on the back of the government\u2019s move to reduce the minimum rental period for private homes from six to three months.
\nSingapore-based start-up Hmlet, for instance, recently received funding from Sequoia India and Aurum Investments.
\nTay noted that the most common co-living business model in Singapore are \u201casset-light, leasing units of entire blocks from a landlord and then sub-leasing the retrofitted rooms to their tenants\u201d.
\n\u201cThis allows them to scale up fast. However, a number of operators, such as lyf, are opting for a mix of an owner-operated and a management contract model where the operator signs a long term agreement with the developer or landlord.\u201d
\nJTC awarded a site in one-north for a purpose-built co-living facility to Ascott Residence Trust, after it submitted a $62.4 million bid. The co-living facility will be called lyf one-north Singapore.
\n\u201cGiven the variety of potential models and concepts that operators could explore, we believe that over time, we\u2019re likely to see co-living take a higher market share in Singapore as a broader tenant base continues to drive demand,\u201d said Tay.
\nCheck out PropertyGuru\u2019s\u00a0properties for sale in the CBD!\u00a0Alternately, refer to our\u00a0handy buying guides,\u00a0or read more about\u00a0the hottest areas to live in with PropertyGuru\u2019s AreaInsider
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Co-living gaining traction in Singapore<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A new survey shows that convenience, location and affordability are the main reasons current users...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-105925","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ryt","jetpack-related-posts":[{"id":77320,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/co-living-gains-traction-in-asia\/","url_meta":{"origin":105925,"position":0},"title":"Co-living gains traction in Asia","date":"January 19, 2018","format":false,"excerpt":"\r Hmlet\u2019s co-living space in Joo Chiat, Singapore. (Photo: Hmlet) Co-living is gaining popularity among millennials in Asia, especially in markets such as Hong Kong and greater China, where housing cost remains high, revealed a JLL report. This comes as co-living offers an affordable alternative to sharing a rental unit,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103030,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/newton-lodge-up-for-en-bloc-sale-at-44m\/","url_meta":{"origin":105925,"position":1},"title":"Newton Lodge up for en bloc sale at $44m","date":"January 17, 2019","format":false,"excerpt":"\r Newton Lodge is located close to Novena MRT station and the future healthcare hub. Newton Lodge, a 16-unit residential development at Newton Road, has been launched for collective sale with the owners expecting a minimum offer of $44 million, revealed marketing agent JLL. This works out to a land\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-properties-now-more-affordable-jll\/","url_meta":{"origin":105925,"position":2},"title":"Prime properties now more affordable: JLL","date":"March 9, 2016","format":false,"excerpt":"\r Singapore\u2019s prime residential property is now more affordable than in other top global cities. 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