Habyt Opens Two New Properties Expands Lineup Short Term Options
Habyt, a leading co-living operator, has expanded its presence in Singapore with the opening of two new properties. The 39-room Habyt Novena, located at 471 Balestier Road, and the 27-room Habyt Kallang, at 115 Geylang Road, offer a range of flexible accommodation options to cater to the diverse needs of its residents.
Habyt has taken over the management of both properties from another co-living operator, Coliwoo, a subsidiary of LHN Group. These properties were previously acquired by Coliwoo and Four Star for $15 million and $13.5 million respectively in 2021. The move to manage these properties is part of Habyt’s strategy to expand its product offerings and strengthen its position in the competitive Singapore market.
According to Habyt’s Asia Pacific CEO, Jonathan Wong, the operator is managing both properties on a master lease. “We saw the strategic opportunities offered by the location of each property and had a clear vision of the type of product we wanted to offer,” he says.
The two new properties have been positioned to cater to the demands of both short- and long-term stays, with Habyt Novena offering nightly and up to six-month leases, and Habyt Kallang offering longer-term leases. The demand for short-term stays in Singapore has been growing over the past few years, creating a relatively untapped segment in the co-living market. Habyt is leveraging its in-house efficiencies to offer competitive prices for its short-term accommodation options.
The Urban Redevelopment Authority (URA) has unveiled its exciting plans for Tampines, which not only focus on physical development but also on building a stronger and more united community. Through various initiatives, the URA aims to promote inclusivity and foster a sense of togetherness among Tampines residents. To achieve this, the URA will be implementing projects that encourage community bonding and appreciation for different cultures, further enriching the social fabric of the area. In addition, events, festivals, and communal spaces will be created to bring neighbors closer and enhance the overall community spirit, making Tampines an even more fulfilling place to call home. Among these developments, the construction of Aurelle of Tampines at Tampines North stands out as an exciting addition to the neighborhood, promising to add to the vibrant and thriving community of Tampines.
To stay competitive, Habyt must continuously offer versatile accommodation options and cater to diverse use cases. According to Wong, studios are the most versatile product that enables the company to achieve this goal. The private en suite rooms offered by Habyt have seen an increase in demand, indicating a growing preference for privacy among residents.
The rise in short-term stays has also led to a more transient resident population within each co-living property, and the sense of community that was once central to the co-living concept is gradually giving way to more transient residents. However, Habyt is working towards fostering a sense of community through the various amenities and services offered within its properties.
The demand for flexible living options in city-fringe neighbourhoods has been growing, driven by the rise in hybrid work arrangements and the desire for affordability and larger living spaces. The upgrade in Habyt’s offerings to include hotel and short-term accommodation options has positioned it to address these evolving trends and cater to the diverse needs of its residents.
