Coliving in Asia Pacific
Coliving is becoming more and more popular. In essence – it’s a space that brings people to live and interact with each other. Similar to Airbnb and Uber, it’s part of the sharing economy, and it is the next big industry disruptor.
WHAT IS COLIVING?
As the way we work and play will evolve, so does our preferences for how we live. Coliving is a new lifestyle choice with a very different take on modern city living. It is putting back the human connection we so crave as individuals in this digital age. According to a JLL’s ‘Co-living in Costly Cities – Asia Pacific’ report, there’s an emphasis on collaboration, convenience, cost, and community that makes coliving unique.
“Coliving for us is all about improving our quality of life through embracing the benefits of the sharing economy. While sharing pretty much all facilities across the whole portfolio to make this cost effective, in one of our properties we have a vibrant community with 10+ nationalities engaging with each other, participating in our community events, enjoying the tenant perks we curated for them, and being empowered with the services and convenience we provide,” says Aaron Lee, our CEO of Dash Living.
As Aaron puts it, “all-inclusive, affordable and flexible accommodation for millennials is a sizable problem which impacts the next generation.” More recently, we have seen the emergence of coliving operators in Hong Kong and Singapore, with many seeking rapid expansion.
COLIVING IN HONG KONG
The concept of apartment sharing is not a common practice in Hong Kong people tend to be conservative when it comes to the sharing economy, resulting in renters staying in subdivided flats or private units of less than 400 sqft. This is where coliving operators have an advantage. It has been useful for people who struggle to afford rent and stay in city center locations.
In October 2019, we launched our first coliving product and it is our fastest-growing product line with more developments to come in 2020. Located in Tsim Sha Tsui, our coliving space in Hong Kong offers a fully equipped kitchen, laundry facilities and open spaces such as a lounge, a balcony, and a 1,200 sqft rooftop for our coliving members to use.
COLIVING IN SINGAPORE
While there is a growing number of Singaporeans moving into coliving spaces, many of the renters are expats and students. “Expats and students are early adopters to the coliving concept but we are seeing more locals to join. They are attracted by the diverse, productive and asset-light lifestyle coliving offers,” as Alex Liu, General Manager at Dash Living in Singapore, puts it. Our units in Singapore are fully furnished and come complete with all the necessary comforts of home, as well as plenty of storage space for personal belongings.
WHAT’S NEXT?
Coliving is on the rise in Asia Pacific and we will continue to see coliving operators expand in cities where average rents are far above average incomes. Coliving has been popular among millennials, the trend has already attracted renters who experienced life events like divorce or a loss or maybe looking to meet new friends.
In January 2020, we expanded our presence to Singapore through the acquisition of Easycity to ramp up our presence in bid to become one of the largest players Asia Pacific with further plans to enter new markets in the pipeline.
