Coliwoo Holdings Ltd posted a 43.9% year-on-year increase in net profit to S$13.44 million for the six months ended 31 Mar 2026, lifted chiefly by higher rental takings as its average portfolio occupancy held at 97.0%.
The Singapore co-living operator’s revenue climbed 16.6% YoY to S$26.87 million, while gross profit improved 14.9% to S$19.13 million. Earnings per share slipped to 2.80 Singapore cents from 2.99 cents a year earlier, reflecting a larger post-IPO share base. The board declared an interim dividend of 1.0 Singapore cent per share; no interim payout was made in the prior-year period.
Rental income—contributing 85% of turnover—rose 15.6% YoY to S$22.86 million. Growth was driven by full-period contributions from Coliwoo Hotel Kampong Glam and Coliwoo Bukit Timah Fire Station, plus initial revenue from the newly opened 212-room Coliwoo Midtown in March. Income from leased properties jumped 19.7% to S$19.14 million, offsetting a 1.5% dip in owned-property rentals following the reclassification of Coliwoo Hotel Pasir Panjang after a sale-and-leaseback deal. Management-services fees surged 44.1% to S$2.31 million on a new contract with a third-party transport operator.
Gross profit margin eased to 71.2% from 72.2% due to product-mix changes, while a reversal of S$5.9 million in fair-value gains on investment properties boosted headline profit. Adjusted PATMI, which strips out property valuation swings and one-off items, rose 13.9% YoY to S$8.62 million.
The group ended March with 28 properties—12 owned, 11 leased and five managed—totalling 3,568 rooms. It expects to reach about 4,000 rooms in Singapore by end-2026, supported by upcoming launches such as a 380-room resort-style project at 159 Jalan Loyang Besar (3Q FY2026) and the 368-room asset at 2 Changi Business Park Avenue 1 (1Q FY2027).
Coliwoo has stepped up capital-recycling efforts to fund expansion under an asset-light model. After selling an 80% stake in Sky Bow Properties in January, it put seven stabilised freehold hospitality and living assets on the market in March with an indicative value of S$218.5 million. Proceeds will be redeployed into master leases, management contracts and selective acquisitions, particularly in “value-add” opportunities in Singapore and high-growth Asia-Pacific gateway cities.
Executive chairman and chief executive officer Kelvin Lim said the first-half showing affirmed the resilience of the firm’s co-living model. He noted that monetising mature freehold assets will allow Coliwoo to scale more quickly, remain agile and channel capital into higher-yielding, asset-light opportunities as it works towards a goal of 10,000 rooms by 2030. Lim added that the improving Singapore rental market and recovering tourism inflows should support demand for flexible accommodation.