Withers KhattarWong advises on S$45.5 million hospitality asset acquisition amid growing investor demand in Singapore

Withers KhattarWong advised a construction company on the indirect acquisition of two serviced apartments in Singapore for a total purchase price of S$45.5 million.

The serviced apartments are owned and operated by Singapore-listed co-living operator Coliwoo Holdings; and the acquisitions are made by way of put and call option agreements in relation to the sale and purchase of the entire share capital of the companies holding the respective serviced apartments.  Following completion of the transaction, the serviced apartments will be leased back to a Coliwoo subsidiary under a leaseback arrangement, thereby allowing the properties to continue operating as serviced apartments under the Coliwoo brand albeit under new ownership.

The Withers KhattarWong team advising the purchaser brought together lawyers from the firm's corporate, real estate, and private client and tax practices. The multidisciplinary team comprised corporate partner Gary Beh, corporate real estate partner Lee Chau Hwei and private client and tax partner Hon Yong Sheng, with support from senior associates Foo Yong Lim and Cheryl Lee, and associates Chelsie Lee and Sabrina Lim.

The transaction reflects growing investor interest in Singapore's co-living and hospitality sector, particularly operationally established serviced apartments and alternative accommodation assets. It also showcases Withers KhattarWong's ability to advise clients on complex corporate real estate transactions involving corporate, real estate and tax elements through a coordinated, multi-practice approach.