LHN on aggressive hunt for more properties for its co-living business

Sharanya Pillai

Published Wed, Jun 9, 2021 · 10:56 PM

PROPERTY player LHN is on the prowl for properties to purchase for its co-living business, the Catalist-listed company said in a Wednesday bourse filing.

It said: "Encouraged by the current high occupancy of existing its Coliwoo properties, the group is aggressively looking to acquire more of such strategic properties to add on to its Coliwoo co-living residential portfolio, in line with the group's business road map."

The company made the comment as part of a disclosure announcing that its unit, Coliwoo Holdings, has contributed an additional S$499,999 to the issued and paid-up ordinary share capital of a joint venture (JV). The JV partner also contributed the same additional amount.

The capital contribution will pay in part for the acquisition of a property at 40 and 42 Amber Road for S$27 million. The acquisition was completed on Wednesday.

Shares of LHN closed at S$0.38 on Wednesday, down 2.56 per cent.