Co-living space operator LHN plans to spend $14.5 million to buy 99 Rangoon Road, and convert the property into a student hostel, extending its spate of acquisitions.
LHN first entered the co-living space when it developed a co-living property jointly with Hmlet in Cantonment, which was launched in November 2019. LHN has further expanded since then, acquiring properties all around Singapore, refurbishing them and turning them into its Coliwoo brand of co-living spaces.
Real estate management services group LHN Limited has reported earnings of $45.8 million for the FY2022 ended Sept 30, 63.3% higher than the earnings of $28.1 million in the year before.
The earnings surge was mainly attributed to higher profitability in the group’s space optimisation business – commercial properties and residential co-living properties.