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Two floors of the Beach Road properties acquired by Coliwoo will function as a co-work co-live space. Source: Google Street View
LHN Limited, via its indirect wholly-owned subsidiaries HQ and Coliwoo, has signed sale and purchase agreements to acquire eight units at 75 Beach Road for a total of $16.8 million.
Four of the units have an area of 128 sq m, while the other four measure 125 sq m. Unit prices range from $2.07 million to $2.12 million.
HQ acquired two units each on the third and fourth levels of the building, which the group intends to convert into its new headquarters. Should the purchase be successful, LHN will move its headquarters from its current location at Raeburn Park, which it plans to lease out.
The fifth- and sixth-floor units acquired by Coliwoo, on the other hand, are intended for commercial use.
In an SGX filing on Tuesday (13 April), LHN revealed that “the group intends to operate the fifth and sixth floors of 75 Beach Road as a co-work co-live space”.
“As such, the acquisition of the Coliwoo units will expand the group’s portfolio of properties under the co-work co-live business in Singapore, increase the brand value of COLIWOO, provide potential capital appreciation to the group and provide additional opportunities to generate revenue,” it said.
All the units were used as homes by the vendors with a tenure of 999 years commencing from 25 January 1827.
LHN added that HQ and Coliwoo paid a total of $2,792,748 in development charge to the Urban Redevelopment Authority (URA) and secured the grant of written permission to change the units’ use from residential to office.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg