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.

"Once the Rangoon Road property commences operations, it will expand the group’s portfolio of properties under the residential segment in Singapore, provide potential capital appreciation to the group and provide additional opportunities to generate revenue," says LHN, whose executive chairman is Kelvin Lim.

The property, with a total land area of 242.6 sqm, is now held by Rangoon 99 Pte Ltd, owned by one Goh Lik Tuan. It is now leased out at $34,000 a month.

According to LHN, no information on the book value nor the net profits (both before and after taxation and extraordinary items) attributable to the property is made available by Rangoon 99  as it acquiring the property and not the business of the vendor nor the holding company of the property.

LHN closed Aug 7 at 35 cents, down 2.78% for the day and up 9.37% year to date.

LHN to buy 99 Rangoon Road for $14.5 million

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

EQT Impact Challenge offers platform for impact entrepreneurs to attain 'patient capital'

Singtel to sell 20% stake in regional data centre business valued at $5.5 bil

SoftBank has either reopened the IPO market or killed it

KKR deal could lead to higher Singtel dividends

Capital management, cash flow and sustainability key focuses of S-REIT managers at forum 

Risk-free rates remain high as Fed puts hikes on hold

Building up the digital skills needed to futureproof Asean’s growth

Cisco strikes US$28 billion deal for Splunk in biggest buy yet

A call for explainable AI 

Briefs: Fed signals higher-for-longer rates; Goldman raises Brent oil forecast to US$100 as rally builds

EC World REIT units to remain under suspension

Leader Environmental Technologies sells stake in Jilin Anjie Environmental Engineering for RMB6.6 mil

Norqain partners with Dean Schneider to raise funds and awareness for the Hakuna Mipaka Wildlife Oasis

Weekout (Sep 25): &Juliet, Halloween Horror Nights, Ganko Sushi, High Bar Society

See the latest from Alexander McQueen, Puyi Optical and more

Instacart has caught tech's next big thing

The end of an era for global automakers

China must avoid a debt-deflation spiral

OCBC becomes first bank in Singapore to offer cross-border payments for customers through Alipay+

Goh Jin Hian, former CEO of New Silkroutes Group and son of former PM Goh Chok Tong charged with false trading

Thomson Medical has 3 months to restore public float

Proposed rezoning of Marina Square could have 'significant upsides' to NAVs, says DBS

Brokers’ Digest: Hong Leong Asia, Lendlease REIT, Suntec REIT, Frencken, Venture

LHN to buy 99 Rangoon Road for $14.5 million

Related News

Highlights

Will the Rising Sun keep rising?

Related News

LHN is creating sustainable spaces

LHN applies to transfer listing from Catalist to Mainboard

UOB Kay Hian rates LHN, co-living space leader, a "buy", with 55 cents target price