The newly-formed JV has been granted the option to purchase (OTP) for the property, although the option has yet to be exercised. The filing adds that the JV partners intend to redevelop, which includes demolishing and rebuilding property into a strata-titled commercial building. The JV will market and sell the units in the open market and lease, run and, or operate the remaining unsold units for commercial usage business.
LHN Group, a direct wholly-owned subsidiary of dual-listed LHN Limited, has established a joint venture (JV) with its JV partners to acquire, develop, market and sell the property on 30, 30A, 30B, 32, 32A and 32B Lorong 22 Geylang and 32D, 32E, 32F, 32G, 32H and 32J Lorong 22 Geylang. The property was purchased at $30 million excluding GST.
According to LHN’s Feb 14 filing, LHN Group established a JV with its joint venture partners, so-called “JV Partner A” on the same day. The JV was established so that the group can enter into another JV with “JV Partner B”. The newly-created JV, or JV Company B, will then acquire, develop, market and sell the Geylang property.
