Ascott Residence Trust has acquired a prime greenfield site for S$62.4 million for its maiden development project.

It will build the first co-living property in Singapore’s research and innovation business hub, one-north.

Located at Nepal Hill amid 400 companies, 800 start-ups and 50,000 professionals, the property is expected to be managed by its sponsor, the Ascott under the co-living brand, lyf, targeted at the rising millennial segment.

To be named lyf one-north Singapore, the property will offer 324 units.

It is slated to achieve Temporary Occupation Permit by 2020 and open in 2021.

The 60-year leasehold site was put up by the JTC Corporation for sale in a two-envelope concept and price tender.

Ascott Reit’s concept proposal features the creative use of communal spaces, a holistic design centred on building a vibrant and collaborative community, as well as comprehensive programmes which promote social bonding, wellness, personal development and business networking.

The 200-hectare one-north estate has attracted over S$7 billion worth of investments in critical growth sectors such as the biomedical, info-communications and media industries.

The location is also a talent development hub, home to world-renowned business schools and corporate universities.

Bob Tan, Ascott Residence Trust Management chairman, said: “Ascott Reit is acquiring a prime site in Singapore to build a property on our own for the first time.

“Compared to acquiring completed properties, this investment not only allows us to have an early entry at a lower cost, enjoy development profits, but we can also expect higher yield in the long term.

“This development only accounts for about three per cent of Ascott Reit’s total asset value, which is within the ten per cent regulatory limit on property development for REITs.

“Singapore is a safe environment for construction, and by designing and building the property ourselves with customised specifications and having it managed by our sponsor, Ascott, we can be assured of building quality and strong operating performance.”