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Singapore-listed real estate management firm LHN Group, through its 50 percent-owned joint venture Metropolitan Parking, has completed the acquisition of a carpark property for S$26 million, the group said in a filing to the Singapore Exchange earlier this month.
The carpark property located at Golden Mile Tower adds 540 carpark lots to the group’s carpark portfolio.
According to LHN, it has added seven more locations to the carpark lots under its management, with a total of 1,464 lots which includes a shopping mall, three URA public carparks as well as private industrial and commercial buildings.
“With these new contracts, the number of carparks managed by LHN increases from 30 to 37 with the number of lots increasing to over 6,800,” the group said in a statement.
LHN Group managing director and executive chairman Kelvin Lim said the carparl business can be lucrative given the city-state’s large car population.
“Over the years, we have gained tremendous experience in the running of carparks and this has enabled us to be selective in going after contracts that we feel will add value to our business.”
Image: LHN’s main office at 10 Raeburn Park.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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