Launch of North Gaia, resulted in the latest Balestier Hotel being sold off
new launch is affecting the real estate price throughout Singapore, leading to the sale of Balestier Hotel.
Four Star and Coliwoo Holdings created a joint-venture (JV) in order to acquire Balestier Hotel worth $15 million. The JV partners confirmed that the hotel property was being acquired for the purpose of running and operating a coliving hotel.
Coliwoo Holdings and Four Star are indirect wholly-owned subsidiaries of LHN Group. Four Star, on the other hand, is a joint venture equally owned both by Singapore Handicrafts (a wholly own subsidiary of LHN Group), and W&S Star (an independent company).
Coliwoo Holdings owns 40% of the new joint venture company, while Four Star holds 60%. LHN Group will control the Coliwoo brand for the co-living property. The Coliwoo brand is a coliving company that operates more than 800 rooms in Singapore’s areas of Balestier Boon Lay and Bukit Tamah.
Balestier Hotel lies at 471 and 473, Balestier Road. It has a gross floor area approximately 10,000 sq. ft. The buyer of the hotel is an independent third person. The JV entered an Option to Purchase to sell the hotel at $15million, GST excluded. The JV paid $750,000 as a deposit to the seller, which is 5% off the purchase price.
The transaction will be completed by December 22, 2021.
error: Content is protected !!