LHN secures a 3rd carpark contract in Hong Kong, situated at Tuen Mun, New Territories.
HONG KONG, Jul 9, 2019 - (ACN Newswire) - Real estate management services group LHN Limited ("LHN"; SGX: 41O; SEHK: 1730), is pleased to announce that its indirect wholly-owned subsidiary, LHN Parking HK Limited, has been awarded a 1 year carpark lease, which is renewable on a quarterly basis thereafter, by the Government of the Hong Kong Special Administrative Region.
Sitting on an estimated land area of 19,100 square metres located at Tuen Yee Street, Area 16, Tuen Mun, New Territories, the Property mainly caters to the parking needs of the residents of Tuen Mun. It offers private car parking and lorry parking of all sizes including trailer parking, which is in high demand. The Group will have the flexibility to adjust the type of parking spaces according to the demand of each vehicle type.
The successful award of the tender brings the total number of carparks under the Group's management to 52, including 49 in Singapore and 3 in Hong Kong.
The abovementioned is not expected to have any material financial impact on the consolidated net tangible asset per share and the consolidated earnings per share of the Group for the financial year ending 30 September 2019.
About LHN Limited
LHN Limited (the "Company", and together with its subsidiaries, the "Group") is a real estate management services group, with the ability to generate value for its landlords and tenants through its expertise in space optimisation, and logistics service provider headquartered in Singapore.
The Group currently has three (3) main business segments, namely: (i) Space Optimisation Business; (ii) Facilities Management Business; and (iii) Logistics Services Business, which are fully integrated and complement one another.
Under its Space Optimisation Business, the Group primarily secures master leases of unused, old and under-utilised commercial, industrial and residential properties and through re-designing and planning, transforms them into more efficient usable spaces, which are then leased out by the Group to its tenants. Space optimisation generally allows the Group to enhance the value of properties by increasing their net lettable area as well as potential rental yield per square feet.
The Group's Facilities Management Business offers car park management services and property maintenance services such as cleaning, landscaping, provision of amenities and utilities, and repair and general maintenance principally to the properties it leases and manages, as well as to external parties.
Under its Logistics Services Business, the Group provides transportation services, container depot management services and container depot services. The Group transports mainly ISO tanks, containers, base oil and bitumen, provides container depot management services and provides container depot services which include container surveying, container cleaning, on-site repair and storage of empty general purpose and refrigerated containers (reefer).
The Group currently operates mainly in Singapore, Indonesia, Thailand, Myanmar, Cambodia, Hong Kong and China.
Issued for and on behalf of LHN Limited
For more information, please contact:
Jess Lim Bee Choo
Group Deputy Managing Director
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