Coliwoo forms JV to convert REHAU Building

It will be turned into a co-living asset.

Coliwoo Holdings has entered a 50:50 joint venture with Macritchie Developments to acquire the freehold REHAU Building at 1 King George’s Avenue. 

The partners will convert the property into a co-living asset whilst retaining commercial space on the ground floor.

The acquisition extends Coliwoo’s programme of redeveloping commercial buildings into higher-yielding co-living properties. The project will add new keys to the company’s managed inventory once conversion works are completed.

The joint venture structure spreads capital requirements and supports balance sheet flexibility as the group expands its living portfolio.

Coliwoo Executive Chairman and CEO Kelvin Lim said the transaction aligns with the company’s ongoing asset conversion pipeline and adds another redevelopment opportunity to its portfolio.

“With interest rates trending down, we are seeing a significant pickup in investor interest and confidence," added Melvin Chay, senior director, Capital Markets, Knight Frank Singapore. "In an evolving real estate environment, buyers continue to seek value-added opportunities."