LHN inks S$16.8m sale and purchase agreements for eight Beach Road flats

LHN Limited on Monday signed binding sale-and-purchase agreements to acquire eight flats in Beach Road for a total of S$16.8 million.

Half the units have an area of 128 square metres (sq m);  the other four are slightly smaller, at 125 sq m. All of the units are located at 75 Beach Road.

The purchases were made through LHN's indirect wholly-owned subsidiaries HQ and Coliwoo. They each paid a S$420,000 deposit for their respective S$8.4 million purchases. The remaining amounts will be paid by the group's internal funds and bank borrowings.

HQ acquired two units on each of the third and fourth storeys of the building, which the group intends to convert into its new headquarters. If the purchase is successful, LHN will move its headquarters from its current location at 10 Raeburn Park, which will be leased out, said the real estate group.

 Coliwoo's fifth and sixth-floor units are intended for commercial use. In an announcement on Tuesday, the group said that it hopes to expand its portfolio of properties under the co-working and co-living business in Singapore, as well as diversify its revenue stream.

According to the board, the acquisitions and their planned functions are "fair and reasonable".

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The units were used as homes by their previous owners with a tenure of 999 years less 10 days commencing from Jan 25, 1827.

As at Tuesday, HQ and Coliwoo had paid a total of S$2,792,748 in development charge to the Urban Redevelopment Authority and obtained the grant of written permission to change the flats' use from residential to office.

Shares of LHN closed 1.6 per cent or 0.3 Singapore cents higher at 19.4 cents.