LHN posts 85-100% occupancy rates for 3 co-living sites in Singapore

LHN Limited reported occupancy rates of 85 per cent to 100 per cent for three of its co-living locations in Singapore as at Sep 7, with average rental rates across the Singapore co-living business ranging from S$2,200 to S$3,500.

In a bourse filing on Thursday (Sep 14), the Catalist-listed real estate management services group provided an update on its four main business segments: space optimisation, property development, facilities management, and energy.

The group managed a total of 2,064 keys across its co-living projects in Singapore and overseas as at Jun 30.

It has also since May secured 35 new facilities-management contracts and re-tendered 22 contracts.

In addition, the group, which aims to become a leading service and solutions provider for car parks in Singapore and Hong Kong, has launched six car park projects since May, with 760 vehicle parking spaces.

In July, LHN signed a 15-year power purchase agreement with the Textile Centre in Jalan Sultan. Under this agreement, the group will invest, supply and install a solar photovoltaic system, with an approximate output of 352 kilowatts peak, on the building’s rooftop.

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Installation works are in progress, and the system is expected to be operational by end-October, LHN said. A unit in the group will own and maintain the system, which has 618 solar panels, over the term of the contract.

Shares of LHN ended flat at S$0.325 on Thursday, before the bourse filing.