Once the outbreak is over, Choy expects demand for co-living spaces to rebound. “Fundamentally, [our] co-living properties will cater to the growing expatriate population in Singapore. The government has maintained Singapore as an open economy and welcomes foreign talent,” Choy says. “We are trying to create an alternative for people who come to Singapore.”
SINGAPORE (July 3): In the light of the global pandemic, which company — at its infancy when it is most vulnerable — would be brave enough to take a chance on the hospitality sector?
But that is exactly what new property fund management company 32RE, formed just last October, plans on doing. Jeremy Choy, CEO and one of the three co-owners of 32RE, thinks that co-living offers interesting opportunities for the new fund.“Short-term difficulties in the hospitality sector may present us with some opportu-nities to acquire assets,” he says. “We don’t want to speculate but certain vendors may be more reasonable in their pricing expectations and [we] are optimistic we can get [these as-sets] for a slightly better price.”
