LHN Group subsidiary buys Rangoon Road Property

99 Rangoon Road was sold for $14.5m.

Coliwoo (Sing Ming) Pte Ltd., an indirect wholly-owned subsidiary of LHN Group, has acquired a property on Rangoon Road from Rangoon 99 for $14.5m, exclusive of goods and services tax (GST).

In a disclosure, LHN Group said the property is sold following a tenancy agreement on 26 January, with $725,000 or 5% of the amount already been paid.

The remaining balance for the property at 99 Rangoon Road should be on the completion date which should be within 10 weeks from the date of the option to purchase.

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The property which is currently leased to Rangoon 00 under a tenancy agreement has a total land area of 242.6 square metres.

LHN said the terms of the tenancy under the agreement are from 15 March to 2023 to 14 February 2024 with a monthly rental of $34,000 excluding GST and a security deposit of $66,000.