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