13 costs . Co-living developments are usually centrally located , with easy access to transportation , amenities , and entertainment .
India has long-since offered travellers the option of shared accommodation , which also can be characterised as corporate housing . A typical three- BHK ( bedroom-hall-kitchen ) can even allow for three individuals from different companies to occupy a shared apartment . Whilst until recently this was quite a unique concept , it ’ s even available now in places
like Singapore .
Emerging co-living brands such as Coliwoo , have developed several sites across the island-state including one in Orchard that was at one time a Frasers development that offered mainly individual spacious three bedroom apartments , and has now been redeveloped into individual , lockable en-suite rooms with shared kitchens that can be rented per room , not just per unit .
Gen Z
Whilst this may potentially work for project or internship groups , it ’ s not going to meet all criteria for obvious reasons . One co-living product that has been popping up at a considerable rate in the APAC market is Lyf .
There is a clear target demographic of late-millennial and Gen-Z solo-travellers looking for more than just a roof over their head ; namely the opportunity to build a social network . Personally , I was a bit sceptical about whether corporates would take it up at first , particularly with the first pilot project opening up during the midst of the pandemic when safety and protection of personal space were always the number one priority .
However , more and more corporate buyers are considering this type of product as they fundamentally do still offer corporate-standard accommodation but at a reduced price . Albeit not for everyone ( those of us who may be rather protective over their milk in the fridge !), they are neatly furnished with everything a long-stay traveller could need and they offer an ideal solution for either particularly budget-conscious bookers or project groups .
Lyf has grown from that first set-up at Funan , Singapore in 2019 and has now stretched to 14 properties across the entire APAC region with an additional four more upcoming in 2024 so it ’ s certainly a success story for
the co-living model and looks set to stay .
Airbnb – unrealistic expectations ?
Whilst short-stay rental giants such as Airbnb have brought apartment stays to the forefront of peoples ’ consciousnesses , one of the downsides is that it has perhaps given the general public unrealistic expectations of what ’ s achievable in terms of price and safety for unregulated or informally managed apartment stays .
These individual apartment lets or ‘ homestays ’, will never be comparable to serviced apartment or corporate housing in terms of compliance , security , health , and safety standards . Any individual can list a single unit on such platforms and in the vast majority of cases they wouldn ’ t meet SilverDoor ’ s minimum criteria and safety checks , and so those interested should most definitely tread with caution .
" Co-living in the APAC region has seen substantial growth in recent years , driven by urbanisation , high housing costs and a strong desire for social connections among residents . Singapore , Hong Kong , Tokyo , Seoul , Hyderabad , and Sydney have adopted co-living as a solution to high urban living costs . Co-living developments are usually centrally located , with easy access to transportation , amenities , and entertainment ."
Photo credit : Fraser Bukit Bintang .