Co Living in Singapore: The Uprising Sharing Economy

There used to be a time when your parents warned you against talking to strangers. But in our modern age where Snapchat, Twitter and Instagram have tainted these social beliefs and norms, living with a stranger might appear to be less of a taboo.

Co living in Singapore, where private condos and apartments are getting smaller and less affordable, plus insurgent of numbers of millennials who may want to get out of their parents’ home and are more likely to rent than own homes, have proven to be a great housing solution.

And since when looking for a place to stay, be it short or longer terms, amenities aren’t enough for them anymore. They value something much vaguer to quantify: being part of like-minded communities, where together is better when it comes to housing.

Co-living, what’s the big deal?

Co-living, a term used to describe a living arrangement where they conduce some aspect of their living spaces with each other and pitches community spirit as one of its major perks. It can be traced back emerging from Denmark in the 1960s.

However, co-living existed long before the 1960s. Since the beginning of time, humans have lived in ethnic groups, communal families and villages. It is basically not new, but simply a modern way of blending and living well together under one roof.

Typically, a co-living space injects sharing concepts into home life offering tenants small rooms with monthly rent and shared facilities like wireless internet, kitchen, recreational facilities and housekeeping.

Despite often being cheaper than a usual apartment, these spaces don’t skimp on amenities and furnishings. Majority provides modern designs with simple yet clean colors and textures. Many also features courtyards, swimming pools and covered basketball courts.

Worth the Experience

I expect that most people reading this who have lived in cities during their early 20’s have experience a dorm or house share, myself included. When I was in college, I rented an apartment with 2 roommates and have immensely enjoyed the experience. Getting to know other people from other regions with different culture, lifestyle and upbringing definitely widens my perspective and helps me overcome being an introvert and hang ups about privacy and exclusivity. I’ve become good friends with them both and still maintained constant communication.

Not Just for Millennials

Home sharing is not for millennials alone. Even boomers and seniors can thrive in this living concept. Rather than remaining a student or young professional necessity, increasing number of families are now opting to co-share.

They are breathing new life into a more formalized version of dormitories and communes. It is often to their advantage as there is little cleaning required because individual units are small and rooms are serviced regularly.

It has the potential to create a support system for everyone from millennials to baby boomers, Generation X and Y. This can be of great help as well for older women facing homelessness, single mothers needing supportive places and shared childcare.

It makes life easier to live and offers flexibility to hop from one location to another, even minimum stays as short as one month or even a single night, with just one suitcase to bring along.

Major Player

When Login Apartment commenced operations last July 2018, the developers anticipated that majority of reserves would come from millennials but when inquiries started rolling in, executives were surprised that over 20% of them were baby boomers and expatriates.

And it makes sense: empty nesters, divorced or widowed, without families to tag along may have practical reasons to scale back to an alternative retirement option. They try to keep rents below the median which attracts interests from people across all demographic groups.

They have about 50 bedrooms across different condominiums like Alex Residences, The Springs and Commonwealth Towers with rents ranging from $1,500-$2,200 monthly per one bedroom.

Tenants can also join regular and social events and get together like brunches, dinners and BBQs! They encourage community bonding and do away from making tenants feel lonely and secluded in an urban environment while openly promoting co-living in Singapore.

New Stakeholder Commencing In 2020

Another Singaporean company aiming to test the water is CapitaLand’s serviced residence unit, The Ascot Limited, has coined a new co-living brand ‘LFY’ which claims to be ‘designed by millennials, for millennials’.

The nine-story co living property is slated to open in 2020 and will provide 279 units with the flexibility to offer up to 412 rooms. Upon opening to the public, they expect demands from local and foreign business executives working within the business district, as well as entrepreneurs, newly graduates looking for a job and those from entertainment and fashion industries.

Co-Living Is a Win-Win Option

Co-living in Singapore is a win for tenants, landlords and property developers and all can reap the benefits of this home sharing concept.  This bring about creating a housing model that offers better quality of life at a better price point for tenants, while bringing revenues for landlords and developers.

For one, co-living addresses one of the main key problems almost everyone faces – the ability to buy their own homes.

Second, it provides many options for young and boomers professionals alike who want to live independently and affordably particularly in a progressive city like Singapore.

And last, a lot of opportunities for architects, developers and interior designers working on micro apartments and co-living projects. From high occupancy rates to significant rent-per-square-foot, co-living presents a wide range of tempting possibilities for them.

No matter what the setup is, from one that scales from a simple bed space to larger more elaborate spaces, the attraction of co-living helps create better relationships with people who share the same values, even with different educational, professional or familial backgrounds.

But if still unsure if co-living is for you, the good news is that whether you’re looking to own a single unit with common facilities, work or jet setting around the world, or start co-sharing with your friends, you have options which will suit your lifestyle and preferences.

Trying to find the best options of co-living in Singapore might feel kind of like The Hunger Games, but it will always be worth the try.