SINGAPORE - Media
OutReach - 30 November 2021 - Singapore-headquartered
start-up Casa Mia Coliving has raised US$400,000 in pre-seed funding from angel
investors in Singapore, the United Kingdom, Italy and Qatar. The funds will
accelerate its room count in Singapore and its plans to launch a second city
soon. The company is on track to embark on its seed funding round shortly.
The coliving sector has proved resilient even
through the global coronavirus pandemic. As cities become denser and more
expensive, coliving has become viable for professionals looking to tap
employment and cultural opportunities in global cities like Singapore. Young
professionals are also attracted to the strong community ethos that coliving
offers and increasingly choose shared accommodation as a lifestyle preference.
Casa Mia Coliving achieved a 10% month-on-month
growth and averaged a 91% occupancy rate for its various properties in
Singapore throughout 2021. It plans to double its room count to 300 by early
2022, expanding its footprint in River Valley (where it now offers more
locations than any other coliving place in Singapore) and adding more
neighbourhoods across the island, including Jalan Besar.
Addressing the needs of a new generation of renters
Casa Mia Coliving offers a full range of living
solutions underpinned by a proprietary technology platform that responds
dynamically to renter requirements in real-time. The company can match
roommates, furnish apartments, manage shared spaces, and provide additional
value-added services such as cleaning and community events.
By turning roommate living into a scalable
product, the company can provide young expat professionals with affordable,
safe, and flexible options in highly sought-after neighbourhoods.
"Our commitment to delivering an Easy Living
experience means members can find value for money accommodations more quickly
than via traditional processes. Renting their ideal home becomes seamless and
easy, and our members can quickly immerse themselves into experiencing life in
the cities of their choice," said Casa Mia Coliving co-founder Eugenio
Casa Mia Coliving invested in developing a
proprietary technology platform to automate all aspects of its business to
drive business efficiencies and scale. Potential renters can access real-time
information on available homes and take a virtual tour of the space. Property
owners also receive detailed monthly statements with the performance and
ongoing maintenance activities at their properties.
Creating enhanced value for property owners
Casa Mia Coliving will expand its footprint of
managed properties with landlords, property developers and real estate experts
in the first half of 2022.
Casa Mia Coliving will provide a one-stop
service to manage the leasing process, housekeeping, and property maintenance
as the managing agent. Where required, property owners can also elect to have
Casa Mia Coliving manage any upgrading work – from advising on the style and
type of renovation that would make the most impact, selecting the right
vendors, and furnishing the space – to enhance the property value and attract
the right lessons. They can also choose to improve their property yield via a
range of variable revenue models.
"We're looking at management agreements that
offer stronger, more predictable revenue and have built a proven business model
that can scale quickly in anticipation of continued growth in residential real
estate," said Casa Mia Coliving co-founder Ahmed Nizar. "People will always
want homes that are affordable, conveniently located, and flexible, without the
hassle of a lengthy contracting process, while property owners want to monetise
their property quickly and efficiently. Coliving is that sweet spot that
fulfils both requirements."