Balestier Hotel near Normanton Park, sold off at $15 mil
Four Star and Coliwoo Holdings have created a joint venture (JV), to purchase Balestier Hotel for $15 Million. The JV partners announced that the purchase of the hotel property will be used to run and operate a co-living hotel.
Coliwoo Holdings can be considered an indirect, wholly-owned subsidiary of LHN Group. Four Star is a separate joint venture owned equally by Singapore Handicrafts, which is a wholly-owned subsidiary of LHN Group and W&S Star.
Coliwoo Holdings controls 40% and Four Star the rest of the JV company. LHN Group’s Coliwoo brand will manage the co-living hotel. This co-living company has more than 800 rooms across Singapore, including in areas like Balestier, Boon Lay and Kent Ridge.
Balestier Hotel can be found at 471 and 473 Balestier Road. The freehold property covers approximately 10,000 square feet. Independent third parties are the sellers of this hotel. The JV entered into an Option to Purchase agreement for the purchase of the hotel at $15 million. GST is not included. The seller has received a $750,000 deposit, which is 5% of the purchase price.
The transaction should be complete by December 22, 2021.
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