LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023

Felicia Tan
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As at June 30, the group managed a total of 2,064 keys spread across its co-living projects in Singapore as well as 85 SOHO.

LHN Group says its occupancy rates for its key projects within its space optimisation business remained strong for the 3QFY2023 ended June.

Coliwoo Orchard’s occupancy levels stood at 90% while Coliwoo Lavender and Coliwoo 298 River Valley’s occupancy rates were at 85% and 100% as at Sept 7 respectively.

The average rental rates across the group’s Coliwoo projects ranged from $2,200 to $3,500 during the three-month period.

According to the group, the construction of 404 Pasir Panjang and 48 and 50 Arab Street remains on track to be operational in the 2QFY2024 ending March 30, 2024. The properties will be turned into co-living spaces.

As at June 30, the group managed a total of 2,064 keys spread across its co-living projects in Singapore as well as 85 SOHO.

The group’s industrial property at 55 Tuas South under its property development business is in the sub-structure and foundation works phase. It remains on track to be operational in the 4QFY2024, ending Sept 30, 2024.

Under its facilities management business, the group managed to secure 35 new facilities management contracts and retendered 22 contracts under its subsidiary, Industrial & Commercial Facilities Management (ICFM).

Since May, the group has also launched six car park projects with 760 parking lots under the same segment.

Under its energy business, LHN Energy has successfully installed and managed a total of 21 solar energy projects with a combined capacity of 3.1 megawatts of renewable energy. Another four projects are currently in progress and are expected to contribute 0.6 megawatts.

The group had completed the sale of its entire stake in LHN Logistics to Milkyway International in August.

As at 9.15am, shares in LHN are trading 1 cent higher or 3.08% up at 33.5 cents.

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