Co-living firms and traditional serviced residences are grabbing the attention of different target markets. Co-living spaces are targeting travellers who are looking for cheaper rooms for long-term stays, whilst the latter are branching out and obtaining hotel licenses to be able to attract tourists only staying for short-term. Flexible living is still a trend, but is the coliving model viable for the long-run?
For this year’s Serviced Residences Survey, Singapore Business Review added co-living assets as the model continues to boom. In fact, newcomer lyf Funan, a co-living establishment by The Ascott, grabbed top spot with the most number of units at 329.
Coming in at second place is Ascott’s Citadines Rochor Singapore with 320 units, which just launched last December 2019. Next in line is Great World Serviced Apartments, which used to be SBR’s top serviced residences with 304 rooms. Oakwood Premier AMTD Singapore (formerly ‘Oakwood Premiere OUE Singapore’) followed with 268 units, whilst rounding up the top five is Frasers Suites with 255 units.
Overall, the 36 largest serviced residences in Singapore have 5,939 units, 15% up from the 5,162 units posted in 2019’s rankings.
For a time, co-living has been a buzzword across the sector. With cheaper rents that are already inclusive of all amenities, the sector targets professionals who can’t afford to buy a house or rent an apartment given the rising rents in the city.
For space-starved Singapore, the concept of spaces with shared facilities is indeed ideal. However, the government think tank Center for Liveable Cities (CLC) stated in its 2019 report that the Lion City’s co-living sector, which emerged in the mid-2010s, is still a fledgling.
This story is from the April-Jun 2020 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April-Jun 2020 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Singapore's health data bill mandates regulated information sharing
To ensure data disclosure and sharing, the Ministry of Health can impose up to $1m in fines for non-compliance.
Venture capitalists sharpen focus on targeting startups' profit paths
Deal activity in Asia Pacific fell 26.3% YoY in 2023, reflecting VC firms' caution.
Strategic locations and value-added services drive growth in self-storage sector
In Singapore, StorHub has introduced online booking for storage spaces of various sizes.
Why Tim Hortons vies for top spot in Singapore's 'third place' Western coffee scene
Capturing this market is better than competing directly with kopitiams and grab-and-go concepts.
CEO Justin Quek steers OrangeTee to real estate centered around customers
A step toward this commitment is the launch of the consumer-centric event 'Property Festival' in 3Q24.
Retailers are urged to view returns management as loyalty drivers
15% of customers abort a transaction if the return policy is subpar.
National security is put front and center with new Significant Investments Review bill
Legal experts believe cybersecurity and AI entities are likely to be affected by the measure.
Three strategies to mitigate BEPS 2.0's tax impact for MNEs
Should the directive be implemented, selected MNES will be subject to a global minimum tax of 15%.
JustCo debuts first pay-per-minute airport hub for business nomads
The co-working space has around 50 hot desks and nap pods, allowing travellers to 'check-in' at work.
Fr8Labs secures major backing to digitalise Asia's freight sector
Investors are showing strong support for Fr8Labs, a company set on transforming the freight forwarding sector traditionally bogged down by manual processes.