LHN sells Geylang Road property for $25.8m

It was sold to CWL Properties.

LHN Limited announced it will be selling its 115 Geylang Road property for $25.8m to CWL Properties, a company mainly engaged in real estate development activities.

Through its indirect wholly-owned subsidiary, Coliwoo Holdings, it entered into a share sale and purchase agreement with CWL Properties.

LHN said the disposal is a “good opportunity” for the group to realise its investment and secure more cash for future developments and investments.

According to LHN, a deposit of $260,000 and a further deposit of $1.29m have already been paid.

The consideration was determined after an independent valuation by Knight Frank, which valued the property at $25.8m as of March 31.

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