While the Covid-19 pandemic has halted some expansion plans, Singapore’s CO-LIVING operators remain unfazed. Though the current crisis has caused a pause in business activities, operators have continued to say that their expansion plans remain on track. Some companies are also mothballing their projects, but residents are optimistic about the future. The companies do not want to make drastic cuts to their services. They say there are many opportunities ahead.
They are not bound for long term lease
The growing popularity of co-living apartments has attracted a new class of tenants – busy professionals. Unlike traditional apartments, they are not bound to a long-term lease. Operators take pride in the design of their properties, designing them from scratch. They then market them as their own brand, which has attracted younger professionals. The growing demand for co-living has prompted many to consider this as a viable option for young professionals.
Aim to offer an affordable alternative
Co-living operators are a good option for young, independent professionals seeking a home away from home. Most of these companies are a step above the traditional apartment industry, aiming to offer an affordable alternative for working professionals. They make the interiors of their apartments look attractive while maintaining their individuality and privacy. These apartment brands have a good reputation and are marketed as their own brand. They have also observed a rise in the number of Singaporean tenants.