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 Ferrante.
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."
Casa Mia Coliving is a sustainable, forward-looking coliving and property management company that offers affordable, modern, move-in ready accommodation. Bringing together insights into the sharing economy, technology and a robust tenant community, the company enables young professionals to enjoy easy living in sought-after urban locations, as well as hassle-free property management that delivers higher returns to landlords.
Accelerating Asia was an early investor into Casa Mia Coliving which was selected for Cohort 3 of our flagship 100 day program. During our last recruitment round Accelerating Asia received 550 applications from 30 countries and we have with 2000+ startups per year.
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