LiveIn and JinJoo Home Form Strategic Alliance to Strengthen Vietnam’s Co-Living Market
HO CHI MINH, VIETNAM - Media OutReach Newswire - 18 December 2024 - LiveIn, Southeast Asia's leading long-stay provider dedicated to converting surplus properties into modern homes for young people, has formed a strategic alliance with JinJoo Home, Vietnam's pioneer in co-living for young professionals.
Together, they aim to unify and strengthen Vietnam's co-living market by offering solutions for local operators that blend international standards and local relevance.
Vietnam's urbanization rate is expected to surpass 50% by 2025, and with over 50% of the population being millennials and Gen Z, the demand for co-living spaces in major cities like Ho Chi Minh City is set to rise. However, the market remains fragmented, and local operators face challenges, such as high vacancies, maintenance costs, and inconsistent service.
Keek Wen Khai, CEO & Co-founder of LiveIn, said: "Vietnam's long-stay market remains highly fragmented, but we see great potential in driving sustainable growth through collaboration. By forming a strategic alliance with JinJoo Home, we aim to bring operators together, address their challenges, and elevate standards to deliver a better living experience for the next generation."
Jason Wong, CEO & Founder of JinJoo Home, said: "We're excited to join forces with LiveIn, a leading player in Southeast Asia. Our shared passion for improving young people's living experience makes this alliance a natural fit. Together, we can combine our strengths and create a more dynamic and high-quality co-living market in Vietnam."
The strategic alliance comes at a time when Vietnam's residential real estate market is projected to reach USD 45.62 billion by 2029, with co-living playing a pivotal role. As many fragmented operators struggle to scale due to limited resources, LiveIn and JinJoo Home are focused on helping them seize this growth opportunity by combining LiveIn's international standards with JinJoo Home's extensive local expertise. LiveIn continually refines its product standards to address changing consumer preferences and ensure compliance with local regulatory requirements.
With 10,500 rooms across 200 buildings in 4 Southeast Asian countries, LiveIn brings its proven regional expertise in technology, operational management, and demand generation. Meanwhile, JinJoo Home's deep local knowledge and strong presence in Ho Chi Minh City will help consolidate and support operators in adopting these best practices, tailored to meet the unique needs of the Vietnamese market.
The strategic alliance with JinJoo Home builds on LiveIn's earlier strategic alliance with Hive, a regional leader in co-living renovations, to establish the LiveIn Global Renovation Division. Through this new division, LiveIn delivers thoughtfully designed homes that inspire growth and new experiences across all the markets it serves, including Malaysia, Thailand, Vietnam, and Indonesia. Both synergies further cement LiveIn's position as a leading flexible housing provider in Southeast Asia.
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LiveIn
LiveIn is dedicated to converting surplus properties into affordable, modern homes for young people across Southeast Asia. Driven by a mission to shift the fundamental way young people live and empower them to dream boldly, LiveIn operates close to 10,500 rooms in four countries, fostering vibrant communities for urban youth. Visit www.livein.com for more details.
JinJoo Home
JinJoo Home, a leading co-living provider in Ho Chi Minh City under Pearlcoin Group, offers premium long-term rental apartments. We create vibrant co-living communities with affordable, cozy design spaces, as well as maintenance, customer service, and more, providing young people with flexible living solutions. Visit www.jinjoohome.com for more details.
