Zhitong Finance App News, LHN (01730) announced that the space optimization business remains the Group's main source of revenue, thanks to the business activities of the Industrial, Commercial and Residential Property Division in the first quarter of the fiscal year ending September 30, 2024. In December 2023, the overall occupancy rate of the company's industrial space, commercial space and Coliwoo co-living space continued to be strong, with an occupancy rate of over 90%. In the first quarter of fiscal year 2024, the Group successfully renewed its general lease for industrial properties located at 34 Boon Leat Terrace. Coliwoo also launched its 15th co-living property, Coliwoo Hotel Pasir Panjang, which is located on 404 Pasir Panjang Road. In December 2023, the Group managed a total of 2,153 premises distributed across its Singapore Coliwoo co-living project and 85 SOHO projects overseas. Table 1 below summarizes the total number of leases and own/joint venture properties for these projects.
Currently, construction work is underway on the Group's nine-storey industrial development project at 55 Tuas South. The saleable area of the property is 112,000 square feet, and it is expected that a temporary entry slip will be issued on August 31, 2024.
Xianneng strives to establish itself as a trustworthy and reliable supplier of various facility management services (including cleaning, pest control, disinfection and fumigation), thereby expanding its market share in the facility management business. In the first quarter of fiscal year 2024, the Group passed the subsidiary Industrial & Commercial Facilities Management Pte. Ltd. successfully obtained 24 new facility management contracts to provide a worry-free one-stop facility management service.
As a leading service and solution provider in the parking sector in Singapore and Hong Kong, the Group continues to expand its car park business market share by using cutting-edge technology to maximize the use of space and improve efficiency. The Group launched a new car park project in the first quarter of fiscal year 2024, bringing the number of car parks it manages to 80, with a total number of parking spaces exceeding 26,000. The number of parking spaces managed in Hong Kong is 2, and the total number of parking spaces exceeds 800.
The Group is actively expanding its energy business portfolio. In the first quarter of fiscal year 2024, LHN Energy obtained seven solar contracts, with a total renewable energy generation capacity of about 1.7 megawatts.
In the first quarter of fiscal year 2024, the Group recently installed three additional 4-port electric vehicle charging stations at 202 Kallang Bahru, bringing the number of EV charging ports managed by it and its joint venture to 17.
On January 25, 2024, the Group signed an agreement with MOH Holdings Pte Ltd to design, modify and operate two residential facilities for medical professionals. The two facilities, located at 100 Ulu Pandan Road and 60 Boundary Close, will accommodate approximately 700 medical professionals and are expected to commence operations in the second half of 2024. Although the Coliwoo Hotel Pasir Panjang only started operation in mid-January 2024, it has already attracted the attention of many tenants. As of the end of January 2024, the occupancy rate reached more than 60% only two weeks after opening, and the performance was outstanding. In January 2024, the Group successfully added a new contract to its Hong Kong car park business, which will be responsible for managing 200 parking spaces at Hoi Yue Street East in Hong Kong for the Hong Kong Special Administrative Region Government. The High Court has granted a sale order for the sale of GSM properties. In light of the above, it is anticipated that the completion date for the acquisition of the GSM property will be May 9, 2024.