LHN Limited acquires Geylang Road property for $13.5m
The real estate management firm bought it under an Option to Purchase agreement.
Real estate management services group, LHN Limited has announced the exercise of Option to Purchase a property on 115 Geylang Road for $13.5m plus good and services tax.
The plot spanning up to 305.6 sqm will be converted to operate under the group’s co-living brand, Coliwoo. Through this acquisition, it seeks to provide potential capital appreciation to the group and additional opportunities to generate revenue.
LHN Limited said it considers the acquisition and the transactions contemplated under the Option to Purchase as fair and reasonable, on normal commercial terms, and are in the interests of the company and shareholders as a whole.
Expected completion date of the acquisition will be 12-weeks after the date of exercise of the Option to Purchase.
The 115 Geylang freehold property comprising Land Lot 7798W of Mukim 24 is currently operated as a hotel by CES Capital Holdings Pte. Ltd.