LHN buys property for coliving conversion

George Sell George Sell Uploaded 17 September 2020

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Singapore: LHN Limited, through its subsidiary Coliwoo Balestier, is set to acquire a property in the Balestier neighbourhood for S$18.1 million, which it intends to operate as a coliving space.

The four-storey corner building located at 320 Balestier Road has a total land area of approximately 406.7 square metres. The first floor is tenanted, while the second, third and fourth floors are vacant.

The seller is Crescent Developments Private Limited, a private company engaged in wholesale trade and real estate development.

LHN said on Wednesday that Coliwoo Balestier has paid a deposit of S$905,000. The remaining balance of about S$17.2 million plus goods and services tax will be paid when the deal is completed - expected to be three months from now.

The purchase will be funded by the group's internal funds and bank borrowings.

The group said the property is surrounded by international schools and universities, and near to Health City Novena, making it attractive to individuals studying or working nearby. It is also near the Novena, Toa Payoh and Boon Keng MRT stations.

 

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