Singapore: Coliwoo West is acquiring a property at Arab Street in Singapore for S$6.4 million.
Coliwoo West is a subsidiary of real estate management services provider LHN. The property, located at 48 Arab Street, has a total land area of 122.9 square metres with a remaining lease of about 29 years.
The group said it intends to operate the property – which currently houses a backpacker hostel – as a coliving asset under its Coliwoo brand.
“Once the Arab Street property commences operations, it will expand the group’s portfolio of properties under the co-living business in Singapore, increase brand value of Coliwoo, provide potential capital appreciation to the group and provide additional opportunities to generate revenue,” it said in a bourse filing.
