LHN acquires four-storey mixed-use building in Balestier for $18 million

By EdgeProp Singapore | September 19, 2020 11:25 PM SGT
320 Balestier Road - EDGEPROP SINGAPORE
320 Balestier Road (Credit: Showsuite Consultancy)
SINGAPORE (EDGEPROP) - A four-storey commercial and residential building at 320 Balestier Road has been sold for $18.1 million to Coliwoo Balestier, an indirect wholly-owned subsidiary of LHN, a Singapore-based real estate management services group.
The freehold building is at the junction of Balestier Road and Kim Keat Road, occupying a prominent corner site of 4,377 sq ft.
LHN intends to operate the property as a co-living space, expanding the group’s portfolio of properties under its co-living business in Singapore.
LHN, through its subsidiary LHN Facilities Management, had previously developed a co-living property jointly with Hmlet, at Hmlet at Cantonment.
The mixed-use building in Balestier comprises two shop units on the ground floor which are currently tenanted. The second, third and fourth floors are currently vacant. It is zoned for commercial and residential use, and is not gazetted for conservation.
“The property is especially attractive to co-living operators, thanks to its corner plot configuration and its proximity to employment clusters such as the Novena medical hub as well as educational institutions such as Curtin Singapore and St Joseph’s Institution,” says Karamjit Singh, CEO of Showsuite Consultancy.