LHN is constantly expanding too, and in the words of Li and Ong, "firing on all cylinders". Since August, it has acquired 286 & 288 River Valley and 99 Rangoon Rd. Total cost including refitting to be around $16 million.
Maybank Securities' Li Jialin and Eric Ong have maintained their 'buy' call and 54 cents target price on co-living play LHN, given how the company's recently reported operating metrics which puts it on track to meet their positive expectations.
For its 3QFY2023, LHN reported rental rates across its portfolio at between $2,200 and $3,500 per month, supported by strong demand for short-term stay. Its new assets are seen doing well, with Coliwoo Orchard, Lavender and 298 River Valley achieving healthy occupancy levels of 90%, 85% and 100%, respectively, as at Sept 7.
