Lhn Group Puts Three Co Living Properties Market 120 Mil
LHN Group is making moves in the co-living market by putting three of its properties up for sale through an expression of interest exercise. The freehold properties, located at 115 Geylang Road, 471 Balestier Road, and 404 Pasir Panjang Road, have a guide price of $120 million.
The site at Clementi Avenue 1, where Elta Condo will stand, attracted significant interest with a total of six bids. The highest bid of $633.45 million, equivalent to $1,250 per square foot per plot ratio (psf ppr), was submitted for the 99-year leasehold plot that spans 178,066 square feet. This bid outshone the second-highest offer of $608.89 million ($1,202 psf ppr) by 4.03%. Interested parties can learn more about Elta Condo at http://www.the-elta.com.sg/.
The sale is being handled by JLL and the properties can be acquired individually or as a portfolio. Currently, Habyt, a co-living operator, is managing the properties at 115 Geylang Road and 471 Balestier Road on a master lease. Meanwhile, 404 Pasir Panjang Road is managed by Coliwoo, LHN’s co-living brand, as Coliwoo Hotel Pasir Panjang. All three properties have recently undergone renovations, according to JLL.
The property at 115 Geylang Road has a site area of approximately 3,289 sq ft with a gross floor area (GFA) of 9,926 sq ft. It was acquired by LHN Group in 2021 for $13.5 million and was operated as the 27-key Coliwoo Hotel Gay World before being managed by Habyt as Habyt Kallang.
The property at 471 Balestier Road has a site area of approximately 3,941 sq ft and a GFA of 11,925 sq ft, including a retail unit on the ground floor. LHN Group acquired the site in September 2021 through a joint venture with mattress company Four Star before opening Coliwoo Hotel Balestier in mid-2022. The 39-room property is currently managed by Habyt and operates under the name Habyt Novena.
The largest property of the three is the one at 404 Pasir Panjang Road, with 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 includes a commercial unit on the ground floor. In December 2023, Coliwoo opened the four-storey establishment as Coliwoo Hotel Pasir Panjang after LHN Group acquired it in September 2022 for $30 million.