The property was marketed by Mount Everest Properties.
The property, at 141 Middle Road, has a total land area of 1,115.1 sqm with a tenure of 99 years commencing from May 2 1978.
The property consists of 33 units, of which 13 are self-occupied and 20 are rented out, respectively, as well as common property.
In a filing to the stock exchange on Feb 10, LHN says it intends to convert levels 3 to 6 of the building into serviced apartments.
See also: CapitaLand Development and UOL granted green light to acquire Thomson View property
For levels 1 and 2, LHN shall retain the space for commercial use.
LHN will be applying to the Urban Redevelopment Authority for permission to make this change.
"The GSM acquisition will expand the group’s portfolio of residential and commercial properties under its space optimisation business in Singapore, increase the brand value of Coliwoo, provide potential capital appreciation to the group, and provide additional opportunities to generate revenue," says LHN.
See also: City Developments announces divestment of South Beach stake, but should it be Mortlake instead?
Coliwoo is a short term stay brand under LHN.
LHN shares closed at 30 cents on Feb 10, up 1.69%.
