Singapore's Rising Rents Have Lonely Expats Turning to Co-Living

Forget swanky private apartments. In Singapore, some expats are happy with a room.

Sure, these are more than just a room — think heritage buildings and cleaning services — yet the embrace of a lifestyle more commonly associated with students illustrates how things have changed for some overseas professionals in the city-state.Uncertain work prospects, brewing anti-foreigner sentiment and closed borders have taken the shine off a gilded lifestyle. Now as friends leave and rents rise, those who remain are looking for options.

While it is still a minority choice, co-living, where you rent a room and share communal spaces like kitchens, has two main things going for it. First, it’s cheaper: think S$2,800 ($2,081) for an ensuite room vs S$3,500 for a one-bedroom condominium in the city center. Second, less commitment. Leases start from three months compared to a minimum full year for a condo, appealing for those worried about job security or uncertain how much longer they plan to stay.One of those who’s made the leap is 31-year-old Simon Nguyen, a Vietnamese software developer who’d previously rented a condo with friends for more than seven years. After his flatmates moved back home, Nguyen and his wife decided renting on their own would be too pricey and they couldn’t face the hassle of searching for new, compatible people to share with, especially while having to work from home.Instead they rented an ensuite studio in a complex of 117 rooms, A 10-minute walk from the Unesco World Heritage Botanic Gardens. While it might not have the pool and tennis court of expat-focused condos, communal facilities include an office as well as a gym. At a fraction under S$2,000 a month, inclusive of utilities, they’re saving more than S$200 a month on their previous rent.“It didn’t make sense to keep a big space, not just because it’s expensive, but also with more maintenance work to do,” Nguyen said. “We get a balance of personal space and interacting with other tenants.”

Commodity trader Jung Woo Hwang is another who’s embraced shared living. After his wife went back to their home country, South Korea, to give birth he moved into a co-living space just outside the financial district on a short-term lease.

“It gives me the flexibility of looking at other residential options should I want to move around in the near future," Jung said. "On top of that, my current rent is also about 20% cheaper compared to when I was renting a condo."

Growth Trajectory

While co-living isn’t going to overtake condos for popularity anytime soon, it’s starting to become a more accepted option.  There aren’t any definitive figures for how many people in Singapore live in such accommodation, but operators say there is a clear growth trend and they are launching new buildings to meet demand. Coliwoo, which has six residential buildings with over 860 rooms, says demand from expats has risen 10% over the past year. Expats and international students make up 67% of its residents.It might sound odd that, during a virus outbreak, demand for living at closer quarters has risen, but Kelvin Lim, executive chairman of the Hong Kong-listed LHN Group Pte, which owns Coliwoo, says in Singapore where the virus is largely under control but restrictions remain, it’s all about “distraction-free living”.

Many co-living buildings include communal offices, meaning you don’t have to battle flatmates for laptop space at a kitchen table or try holding work calls while others are making dinner.

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