Link: https://links.sgx.com/1.0.0/corporate-announcements/EY8SN0L3LJUFM1KQ/b91784ec65cd12c289f47b511d656e2edba3f5d1cc9ab0f7466f145afd18d5f0

Summary:

• Coliwoo Properties Investments (CPIPL) and Macritchie Developments (MDPL) formed a 50-50 joint venture to acquire and operate the freehold property at 1 King George’s Avenue for S$40 million.

• The JV will convert and operate the asset as a co-living space under the COLIWOO brand, with ground-floor commercial units.

• JV Company capitalized at S$100,000; S$2 million deposit (5% of purchase price) paid, with Coliwoo’s share funded from recent IPO proceeds.

• Completion set for six weeks or by 31 December 2025, whichever is earlier.

• Project and property management will be led by LHN Group and Coliwoo subsidiaries, leveraging internal expertise for asset enhancement.

• No material impact expected on FY2026 earnings/tangible assets; deal terms deemed fair and in shareholders’ best interests.

• Coliwoo has S$96.7 million of IPO proceeds remaining for further expansion and working capital.