Coliwoo to acquire hotel strata lot at Changi Business Park from ESR-REIT

Coliwoo Project Ace Pte Ltd, a subsidiary of Singapore-based co-living operator Coliwoo, has entered into a put and call option agreement to acquire a hotel strata lot located at 2 Changi Business Park Avenue 1 from ESR-REIT.

The agreement, with a sale consideration of S$101.0 million, was entered into with Perpetual (Asia) Limited, in its capacity as trustee of Viva Trust, a wholly owned sub-trust of ESR-REIT. The agreement also includes an option to renew for a further 30 years.

Coliwoo targets to complete the transaction by 31 March. The acquisition is structured as a leasehold estate with a tenure commencing from the completion of the acquisition and expiring one day prior to the expiry of the head lease with JTC Corporation (originally 30 years commencing from 1 February 2008).

The hotel strata lot is part of the ESR BizPark @ Changi development. It comprises a hotel block featuring more than 250 rooms and retail space at ground floor.

“This proposed acquisition represents a compelling opportunity to expand our co-living portfolio in a location that offers genuine strategic advantages. The Changi Business Park site sits at the intersection of multiple demand drivers – from the established business community to the airport ecosystem and major infrastructure development,” said Kelvin Lim, Executive Chairman and CEO of Coliwoo.

Founded in 2018. Coliwoo currently operates a portfolio of approximately 3,000 rooms across Singapore.