LHN Group Puts Three Co-Living Properties on the Market for $120 Million.
Geylang_Condo @471 Balestier Road
LHN Group has listed three of its co-living properties for sale through an expression of interest exercise with a guide price of $120 million. The freehold properties, including Geylang Properties, are located at 115 Geylang Road, 471 Balestier Road, and 404 Pasir Panjang Road.
According to JLL, which is managing the sale, the properties can be acquired individually or collectively as a portfolio. The properties at 115 Geylang Road and 471 Balestier Road are currently managed by co-living operator Habyt on a master lease. The property at 404 Pasir Panjang Road is managed by Coliwoo, LHN’s co-living brand, as Coliwoo Hotel Pasir Panjang. All three properties have recently been renovated, JLL adds.
Geylang Condo @115 Geylang Road
The property at 115 Geylang Road sits on a site of about 3,289 sq ft and has a gross floor area (GFA) of 9,926 sq ft. A restaurant currently occupies the ground floor. LHN acquired this Geylang property in 2021 for $13.5 million and initially operated it as the 27-key Coliwoo Hotel Gay World before management was transferred to Habyt. It currently operates as Habyt Kallang.
Geylang Condo @471 Balestier Road
The property at 471 Balestier Road 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 acquired this property for $15 million in September 2021 via a joint venture with mattress company Four Star before opening Coliwoo Hotel Balestier in mid-2022. The 39-room property is now managed by Habyt and operates under the name Habyt Novena.
The property at 404 Pasir Panjang Road is the largest of the three, occupying a site area of 16,626 sq ft, with a GFA of 26,396 sq ft. This property is being offered for sale with vacant possession or with a master lease with Coliwoo. It includes a commercial unit on the ground floor. Coliwoo opened the four-storey establishment in December 2023 as Coliwoo Hotel Pasir Panjang. LHN acquired the property in September 2022 for $30 million.
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