Coliwoo has announced a 50:50 joint venture with Macritchie Developments to acquire the REHAU Building at 1 King George’s Avenue. This strategic move aims to transform the commercial property into a mixed-use space combining co-living and commercial facilities. The freehold site is advantageously positioned near two MRT stations, several educational institutions, and the Central Business District (CBD).
Kelvin Lim, Executive Chairman and CEO of Coliwoo, highlighted the significance of this acquisition, stating, “This joint venture acquisition allows us to add a strategically located property to our portfolio, increasing our keys under management and advancing our growth trajectory. The REHAU Building represents the type of value-creation opportunity we actively pursue – converting an underutilised commercial space into co-living spaces that address genuine market demand.”
The acquisition aligns with Coliwoo’s strategy to expand its portfolio through strategic partnerships, optimising capital deployment whilst meeting market demand for co-living spaces. This development is part of Coliwoo’s broader growth trajectory, aiming to enhance its presence in the property market by leveraging underutilised spaces.
The joint venture is expected to bolster Coliwoo’s position in the market, offering innovative living solutions in prime locations. The transformation of the REHAU Building into a mixed-use development underscores the company’s commitment to addressing the evolving needs of urban dwellers.
