A co-living boom has hit Singapore, with demand for such spaces tripling this year at CP
In a trend driven by the pandemic, many have begun opting for co-living in a bid to focus on work and studies, away from all the distractions at home.
Singapore’s tight rental market is another factor. With limited spaces up for grabs and going at soaring rates, co-living has emerged as the remedy to the rental woes of many.
Traditionally, the bulk of co-living residents have been expatriates and foreigners who move to Singapore for work or studies. However, more locals are falling in love with the co-living lifestyle. Singapore residents now take up around 40% of co-living units at CP Residences, up from 10-15% in 2021.
In an interview with Channel 8 News, CP chief executive Wendy Yap attributed this to a “change in attitude towards co-living”.
As mentioned in the same newsreel, more Singaporeans now prefer to move out at a younger age. Previously, most couples would stay with their families while waiting for their Build-To-Order (BTO) flats to be ready. Singles generally can afford to leave the nest at or after age 35, when they would be eligible to apply for certain BTO flats or buy resale HDB flats on the market.
However, the emergence of co-living is redefining the norms of accommodation.
The same Channel 8 news clip featured Mr Guay, 29, who moved out of his family home and into a co-living space at CP. The young entrepreneur said the convenience of co-living freed up more time for his work. “Co-living helps to take care of so many things, such as cleaning and WiFi.”
The community of like-minded folks at CP is another draw. Monthly events organised by CP have given him the perfect opportunity to build friendships and network. It is no wonder most local tenants at CP are aged 29 to 34.
The demand for co-living looks set to continue its upward trend, as the easing of travel restrictions draw foreigners to Singapore for work, studies or leisure. CP’s current occupancy rate now hovers around 95%, up from 85% in 2021.
For a flexible, hassle-free and cost-effective stay, come to CP for the perfect co-living experience.