LHN said on Thursday (Aug 22) that it secured 250 more keys across projects in 260 Upper Bukit Timah Road and 141 Middle Road, in the third quarter this year.
The real estate management services group manages 2,784 keys across its Coliwoo co-living projects in Singapore and Soho projects overseas. This is an increase from the 2,534 keys the company had in the first half of the year.
Overall occupancy rates for LHN’s industrial, commercial and Coliwoo co-living spaces maintained occupancy spaces of more than 90 per cent, as its space optimisation business continued to be a major revenue contributor for the company.
This comes as the company secured 28 new facilities management contracts in Q3 FY2024, and added new car park projects to its portfolio in the same period.
As at June 2024, LHN manages 94 car parks with more than 25,000 lots in Singapore, up from 78 car parks and 24,000 lots in the first half of this year.
Group managing director Kelvin Lim noted that the company’s continued expansion in the co-living and facilities management sectors and proactive capital recycling initiatives have “positioned them favourably for sustainable growth”.
As part of its capital recycling initiatives, the group on Jul 31 completed the purchase of Wilmer Place for S$26.5 million – LHN’s 50 per cent share of the outlay was about S$13.3 million. At the same time, its joint venture company sold its car park at Bukit Timah Shopping Centre for S$22 million.
LHN noted that expatriates have been leaving Singapore due to “corporate restructuring”. This comes as private home rental prices fell 0.8 per cent in Q2 FY2024 as occupants move to permanent homes. It expects to stabilise and rebound in the latter half of the year, and for foreign renters to return to the market in the same period.
The counter closed flat at S$0.325 on Wednesday.
