Balestier Hotel sold for $15 mil

By
/ EdgeProp Singapore
|
September 24, 2021 3:53 PM SGT
Balestier Hotel is at 471 & 473 Balestier Road, and the freehold property has a total gross floor area of about 10,000 sq ft. (Picture: Google Maps)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - Coliwoo Holdings and Four Star have formed a joint venture (JV) to acquire Balestier Hotel for $15 million. The JV partners have announced that the acquisition of the hotel property is intended for the running and operation of a co-living hotel.
Coliwoo Holdings is an indirect wholly owned subsidiary of LHN Group, while Four Star is a separate joint venture equally owned by Singapore Handicrafts, a wholly owned subsidiary of LHN Group, and W&S Star, an independent company.
Coliwoo Holdings will control 40% of the new JV company while Four Star will control the remaining 60%. The co-living hotel will operate under LHN Group’s Coliwoo brand, a co-living business that runs more than 800 rooms in Singapore in areas such as Balestier, Boon Lay, and Bukit Timah.
ADVERTISEMENT
Balestier Hotel is at 471 & 473 Balestier Road, and the freehold property has a total gross floor area of about 10,000 sq ft. The seller of the hotel is an independent third party. The JV has entered an Option to Purchase for the sale at the purchase price of $15 million, excluding GST. The JV has paid a deposit of $750,000, which is 5% f the purchase price, to the seller.
The completion of the transaction is expected to be completed by Dec 22, 2021.
Check out the latest listings near Balestier Hotel
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter
Search Articles
Follow Us On
Our Sites
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Web Version 4.6.23
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.