The following news has contributed to the sales of the Pasir Ris 8.
Four Star and Coliwoo Holdings formed a joint venture to purchase Balestier Hotel in $15 million.The JV partners stated that the acquisition of Balestier Hotel property is for the operation and management of a coliving hotel.
Coliwoo Holdings (indirectly owned subsidiary LHN Group) and Four Star (a separate joint venture equally held by Singapore Handicrafts, another wholly owned subsidiary LHN Group, as well as W&S Star, an independently owned company, are both indirect wholly owned subsidiaries of LHN Group.
Coliwoo Holdings will own 40% of the new JV firm, while Four Star will hold the remaining 60%.LHN Group’s Coliwoo branding will be used to operate the co-living hotel. It is a coliving business with more than 800 rooms throughout Singapore in areas like Balestier and Boon Lay.
Balestier Hotel, located at 471 & 473, Balestier Road. This freehold property has an area of approximately 10,000 sq ft.The hotel’s seller is an independent third-party.The JV has entered into an Option to Purchase to purchase the hotel for $15 million. This price excludes GST.The seller has received a deposit of $750,000 from the JV, which is 5% of purchase price.
The transaction is expected to be completed by December 22, 2021.