Coliwoo secures S$101m option on 2 Changi Business Park hotel for large-scale co-living conversion push
Summary:
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Subsidiary Coliwoo Project Ace has signed a put and call option with Perpetual (Asia), trustee of Viva Trust (a wholly owned sub-trust of ESR-REIT), to acquire the hotel strata lot at 2 Changi Business Park Avenue 1 for S$101.0 million, excluding GST.
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The asset, part of ESR BizPark @ Changi, comprises a hotel block with more than 250 rooms plus ground-floor retail, sitting on a JTC lease that originally runs 30 years from 1 February 2008, with an option to renew for a further 30 years and secure long-term tenure.
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Coliwoo plans to reposition the former Park Avenue Changi hotel into a co-living hotel, targeting completion of the acquisition by 31 March 2026 and leveraging a captive demand base from nearby corporates, Changi Airport traffic and workers tied to the Changi Terminal 5 project.
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The deal supports Coliwoo’s strategy of recycling mature hotel assets into higher-yielding co-living properties and will sit alongside the upcoming Coliwoo Resort Changi at 159 Jalan Loyang Besar, slated to launch in 3Q FY2026.
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Management says the transaction is a “compelling opportunity” to deepen its co-living footprint in an area with multiple demand drivers, reinforcing Coliwoo’s ambition to cement its market leadership in Singapore’s co-living sector.