LHN unit to acquire Arab Street property for S$6.4m to expand co-living business

REAL estate management services provider LHN announced on Friday (Sep 23) that indirect wholly owned subsidiary Coliwoo West is acquiring a property at Arab Street in Singapore for S$6.4 million.

The property, located at 48 Arab Street, has a total land area of 122.9 square metres with a remaining lease of about 29 years.

The group said it intends to operate the property – which currently houses a backpacker hostel – as a co-living space under its co-living brand Coliwoo.

“Once the Arab Street property commences operations, it will expand the group’s portfolio of properties under the co-living business in Singapore, increase brand value of Coliwoo, provide potential capital appreciation to the group and provide additional opportunities to generate revenue,” it said in a bourse filing.

Shares of LHN closed 1.8 per cent or S$0.005 lower at S$0.28 on Friday, before the announcement.