Staff Reporter
Logo from LHN Limited
The group plans to operate the property as a co-living space.
LHN Group’s subsidiary, Coliwoo West, will be acquiring the Arab Street property for a purchase consideration of $6.388m, exclusive of goods and services tax (GST).
In a bourse filing, the group said Coliwoo West has already paid an initial deposit of $319,400 exclusive of GST to Chamber Investment Holdings.
The reaming balance of $6.07m will be paid upon completion of the acquisition and will be funded by a combination of internal sources of funding and bank borrowings.
Post-acquisition, the group said it plans to operate the Arab Street property as a co-living space.
“Once the Arab Street Property commence operations, it will expand the group’s portfolio of properties under the co-living business in Singapore, increase the brand value of COLIWOO, provide potential capital appreciation to the group and provide additional opportunities to generate revenue,” LHN said.
Arab Street is located at 48 Arab Street Singapore and has a total land area of 122.9 sq.m
with a remaining lease of approximately 29 years.
Join Singapore Business Review community
Since you’re here…
…there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.
Let us help you drive your business forward with a good partnership!
