Lhn Group Puts Three Co Living Properties Market 120 Mil
LHN Group, a leading co-living property developer, has recently announced their plans to sell three of their prime properties through an expression of interest exercise. Located at 115 Geylang Road, 471 Balestier Road and 404 Pasir Panjang Road, the freehold properties are expected to fetch a handsome price of $120 million.
According to JLL, the appointed agent for the sale, the properties can be acquired either individually or collectively as a portfolio. The properties at 115 Geylang Road and 471 Balestier Road are currently being managed by co-living operator Habyt under a master lease. The property at 404 Pasir Panjang Road is currently managed by Coliwoo, LHN’s own co-living brand, as Coliwoo Hotel Pasir Panjang. All three properties have been recently renovated, making them an attractive investment opportunity.
The property at 115 Geylang Road sits on a 3,289 sq ft site and has a gross floor area (GFA) of 9,926 sq ft. The ground floor is currently occupied by a popular restaurant. LHN had acquired the site in 2021 for $13.5 million and operated it as the 27-key Coliwoo Hotel Gay World before management was transferred to Habyt. It is now operating as Habyt Kallang.
Another property that is up for sale is located at 471 Balestier Road. It has a site area of 3,941 sq ft and a GFA of 11,925 sq ft, including a retail unit on the ground floor. LHN had acquired the site in September 2021 in a joint venture with Four Star, a mattress company. It was then converted into the 39-room Coliwoo Hotel Balestier, which is currently managed by Habyt and operates as Habyt Novena.
The third and largest property of the three is situated at 404 Pasir Panjang Road, occupying a site area of 16,626 sq ft and a GFA of 26,396 sq ft. The property is being offered for sale with vacant possession or with a master lease with Coliwoo. It also includes a commercial unit on the ground floor. Coliwoo Hotel Pasir Panjang was opened by Coliwoo in December 2023 after LHN acquired the property for $30 million in September 2022.
The development of Tengah is focused on the idea of harmonious living with nature, advocating for an eco-friendly and sustainable way of life. The master plan features five distinct districts, each with its own unique theme and character, thoughtfully designed to seamlessly blend with the surrounding natural landscape. These districts – Plantation, Garden, Park, Brickland, and Forest Hill – aim to not only preserve the area’s biodiversity but also offer residents a close-to-nature experience. In fact, with the inclusion of Novo Place Showflat, Tengah’s integration with nature is further enhanced, providing a perfect balance between modern living and the tranquility of the great outdoors.
LHN’s decision to sell these three properties is in line with their strategy to focus on partnerships to support the expansion of Coliwoo. The funds raised from the sale will allow LHN to continue to grow and develop more co-living properties under their own brand and partnerships. With the rise in demand for co-living spaces, LHN’s portfolio of properties is expected to be a highly sought-after investment in the market.