LHN Group puts three co-living properties on the market for $120 mil
/ EdgeProp Singapore |
The property at 404 Pasir Panjang Road (Picture: JLL)
LHN Group has put three of its co-living properties for sale through an expression of interest exercise with a guide price of $120 million. The freehold properties are located at 115 Geylang Road, 471 Balestier Road and 404 Pasir Panjang Road.
The properties can be acquired individually or collectively as a portfolio, says JLL, which is handling the sale.
The properties at 115 Geylang Road and 471 Balestier Road are currently being managed by co-living operator Habyt on a master lease. The property at 404 Pasir Panjang Road is currently managed by Coliwoo, LHN’s co-living brand, as Coliwoo Hotel Pasir Panjang. All three properties are newly renovated, adds JLL.
The property at 115 Geylang Road (Picture: JLL)
The property at 115 Geylang Road sits on a site of about 3,289 sq ft and has a gross floor area (GFA) of 9,926 sq ft. A restaurant currently occupies the ground floor. LHN acquired the site in 2021 for $13.5 million and operated it as the 27-key Coliwoo Hotel Gay World before management was subsequently transferred to Habyt. It currently operates as Habyt Kallang.
The property at 471 Balestier Road has a site area of 3,941 sq ft and a GFA of 11,925 sq ft, including a retail unit on the ground floor. LHN had acquired the site for $15 million in September 2021 via a joint venture with mattress company Four Star before opening Coliwoo Hotel Balestier in mid-2022. The 39-room property is currently managed by Habyt and operates under the name Habyt Novena.
The property at 471 Balestier Road (Picture: JLL)
The property at 404 Pasir Panjang Road is the largest of the three, occupying a site area of 16,626 sq ft, with a GFA of 26,396 sq ft. The property is being offered for sale with vacant possession or with a master lease with Coliwoo. It includes a commercial unit on the ground floor. Coliwoo opened the four-storey establishment in December 2023 as Coliwoo Hotel Pasir Panjang. LHN had acquired the property in September 2022 for $30 million.
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