- LHN (SGX:41O) has added to its strong pipeline of co-living spaces (Coliwoo) with the recent S$23.3mil acquisition of 2 River Valley Properties and the S$14.5mil acquisition of a property at Rangoon Road. So far, LHN has launched ~663 keys in FY23, bringing the total number to around 1,678 keys.
- - Read this at SGinvestors.io -
- Maintain BUY on LHN with a target price of S$0.50, pegged to 7.5x core FY23F P/E (25% discount to core historical average P/E of 10.0x).
S$14.5mil acquisition of the Rangoon Road Property in Aug 2023.
- Located at 99 Rangoon Road, the four-storey freehold property has a total land area of 242.6 sqm with existing leases expiring in Feb’24. LHN intends to operate the property as a student hostel with retail/food and beverage on the first level.
Purchase of 2 River Valley Properties for S$23.3mil in July 2023.
- - Read this at SGinvestors.io -
- While the building is currently zoned “residential with commercial at the first storey”, LHN intends to convert the building into a serviced residence and/or hotel. The acquisition will expand its co-living capacity in Singapore, increase the brand value of Coliwoo, provide potential capital appreciation to LHN as well as additional revenue opportunities.
Boosting co-living pipeline with additional keys.
- Read more at SGinvestors.io.
