- In LHN’s 3QFY24 update, we see continued expansion across all its business segments. Coliwoo remains the key growth driver with 2,401 keys (+10% q-o-q), while the construction of its food factory is progressing well.
- - Read this at SGinvestors.io -
Coliwoo occupancy rises q-o-q; overall rate above 90%.
- In 3QFY24, LHN (SGX:41O) successfully grew its Coliwoo co-living portfolio by 250 keys (or 10% q-o-q) to 2,401 in Singapore (1HFY24: 2,151 keys). The average occupancy rate improved from 91.8% in 1HFY24 to 95% in 3QFY24, driven by strategic pricing, tourism and talent influx, and new projects like Coliwoo Hotel Pasir Panjang.
- - Read this at SGinvestors.io -
Successful capital recycling initiatives.
- LHN acquired Wilmer Place at 50 Armenian Street with a 50% share in a joint venture for S$26.5m, of which LHN’s share is S$13.25m. This will be managed and operated as a co-living property under Coliwoo.
- Simultaneously, LHN divested its 40% stake in the Bukit Timah Shopping Centre (BTSC) carpark, which was acquired for S$16m in Dec 20, for S$22m in Jul 24. This is expected to generate around S$4m in net proceeds for LHN and boost cash flow.
Actively expanding energy capacity.
- Read more at SGinvestors.io.
