SINGAPORE, 10 October 2019: Katrina Group announced the launch of the first affordable line of co-living hotels in Singapore.
Introduced through its hospitality arm, ST Hospitality Group, the Chinatown co-living hotel will be followed by a rollout in Singapore and the Asia Pacific region.
This marks Katrina Group Ltd’s first major expansion after the acquisition of Straits Organisation Pte Ltd.
Katrina Group Ltd founder and CEO, Alan Goh Keng Chiansaid said: “The launch of ST Signature Chinatown is part of our growth strategy to create a strong hospitality brand in the region.
Driven by the millennial demographic, there is strong growth in the co-living market in Asia. According to a recent report by real estate consultancy JLL co-living is gaining traction in Asia, especially in markets with high or rising real estate costs.
While flat-sharing or shared housing has been popular among students and young professionals, what differentiates co-living spaces is that they are professionally managed, often offering benefits and services beyond accommodation.
Co-living hotels bring that concept into the hospitality and tourism industry.
With Singapore (4th) and Hong Kong (1st) in the top five most expensive Asian countries for business travel costing businesses USD468 and USD515 per day, there is a growing demand for affordable quality options.
Identifying the growing opportunity, Straits Organization Pte Ltd (a subsidiary of Katrina Group Ltd) now has a growing portfolio of over 600 serviced apartment units in Singapore and Hong Kong, and four additional co-living hotels in the pipeline for Singapore.
The Group will be rolling out the rest of the ST Signature line in Singapore within the next 12 months. A room at the ST Signature Chinatown costs SGD60 to 200 per night.