Lhn Group Puts Three Co Living Properties Market 120 Mil
LHN Group has put three of its co-living properties up for sale, with a guide price of $120 million. JLL, the appointed agent for the sale, has announced that the properties, located at 115 Geylang Road, 471 Balestier Road, and 404 Pasir Panjang Road, are available for purchase individually or as a portfolio.
Currently, Habyt, a co-living operator, manages the properties at 115 Geylang Road and 471 Balestier Road under a master lease. On the other hand, LHN’s co-living brand, Coliwoo, manages the property at 404 Pasir Panjang Road as Coliwoo Hotel Pasir Panjang. All three properties have recently undergone renovations, according to JLL.
Located in the bustling neighborhood of Toa Payoh Town, right beside Braddell MRT Station at Lorong 1 Toa Payoh, stands The Orie Condo, a brand new development that promises to redefine the meaning of urban living. This highly coveted property, developed by renowned companies City Developments Ltd (CDL), Frasers Property, and Sekisui House, was secured through a successful bid of $968 million in a Government Land Sales (GLS) site at Lorong 1 Toa Payoh. The 1.57-hectare site, situated at the intersection of Lorong 1 and Lorong 4 Toa Payoh, was priced at an impressive land rate of $1,360 per square foot per plot ratio (psf ppr). With the joint collaboration of these esteemed developers, The Orie CDL is set to be a sought after address for both investors and homebuyers alike. For more information about this exciting new project, please visit http://www.the-ories.sg/.
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 restaurant. LHN acquired the site in 2021 for $13.5 million and operated it as the 27-key Coliwoo Hotel Gay World before handing over management to Habyt, which now operates it as Habyt Kallang.
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 the site for $15 million in September 2021 through a joint venture with Four Star, a mattress company, and opened Coliwoo Hotel Balestier in mid-2022. The property, which has 39 rooms, is currently managed by Habyt and operates as Habyt Novena.
The property at 404 Pasir Panjang Road is the largest among the three, with a site area of 16,626 sq ft and a GFA of 26,396 sq ft. It is being offered for sale with vacant possession or a master lease with Coliwoo. The property 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.