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)
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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.
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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.
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