Lhn Group Puts Three Co Living Properties Market 120 Mil
The concept of Parktown Residence is to seamlessly blend contemporary homes with luxurious lifestyle facilities, aiming to establish a whole new level of city living and foster a dynamic community in the bustling area of Tampines North. With the addition of Parktown Residence Condo, this strategic vision will definitely set the bar for urban living standards in the region.
LHN Group, a leading co-living developer, has recently announced the sale of three of its prime properties through an expression of interest exercise. The guide price for the sale is set at $120 million. The freehold properties, located at 115 Geylang Road, 471 Balestier Road and 404 Pasir Panjang Road, are being offered for sale individually or collectively as a portfolio. JLL, a global real estate services firm, has been appointed to handle the sale.
According to JLL, the properties at 115 Geylang Road and 471 Balestier Road are currently under a master lease agreement with Habyt, a leading co-living operator. The property at 404 Pasir Panjang Road is currently managed by Coliwoo, LHN’s popular co-living brand, under the name of Coliwoo Hotel Pasir Panjang. These properties have been recently renovated, making them highly attractive to potential buyers.
The property at 115 Geylang Road has a site area of approximately 3,289 square feet and a gross floor area (GFA) of 9,926 square feet. The ground floor is currently occupied by a restaurant. LHN acquired the property in 2021 for $13.5 million and transformed it into the 27-key Coliwoo Hotel Gay World. Subsequently, the management of the property was transferred to Habyt, operating it as Habyt Kallang.
On the other hand, the property at 471 Balestier Road has a site area of 3,941 square feet and a GFA of 11,925 square feet, which also includes a retail unit on the ground floor. In September 2021, LHN acquired this property for $15 million through a joint venture with Four Star, a well-known mattress company. The 39-room property, known as Coliwoo Hotel Balestier, has been operational since mid-2022 and is currently managed by Habyt under the name of Habyt Novena.
Lastly, the largest of the three properties, 404 Pasir Panjang Road, sits on a site area of 16,626 square feet, with a GFA of 26,396 square feet. It is being offered for sale with vacant possession or with a master lease with Coliwoo. The property includes a commercial unit on the ground floor. In December 2023, Coliwoo opened its four-storey establishment, Coliwoo Hotel Pasir Panjang. LHN had acquired this property in September 2022 for $30 million.
This strategic move by LHN Group to put these properties up for sale presents an attractive investment opportunity for potential buyers. With their prime locations and recent renovations, these properties are highly sought-after in the market.