LHN locks carpark deal for $26 million

Acquisition will add 540 carpark lots to its portfolio.

Real estate management services group LHN Limited completed its acquisition of a carpark property located at Golden Mile Tower along Beach Road.

The said acquisition was done through its 50%-owned joint venture company, Metropolitan Parking Pte. Ltd.

In a statement, the group said it has added seven more locations to the carparks under its management, comprising a total of 1,464 lots which includes a shopping mall, three public carparks and private industrial and commercial buildings.

"With these new contracts, the number of carparks managed by LHN increases from 30 to 37 with the number of lots increasing to over 6,800," LHN said.

LHN Director Kelvin Lim said this could be a lucrative business as Singapore has a large car population.

He claimed that the additional seven carparks the group added in its management portfolio is a testament that carpark owners recognise their ability to manage and maintain assets.

"Over the years, we have gained tremendous experience in the running of carparks and this has enabled us to be selective in going after contracts that we feel will add value to our business,” Lim noted.