The Ascott is investing S$170.3 million, through its serviced residence global fund with Qatar Investment Authority, in the serviced residence component of the Funan integrated development.
The fund is acquiring the land for the serviced residence component from CapitaLand Mall Trust for S$90.5 million and developing the Singapore flagship of Ascott’s millennial-focused lyf brand on the site for an estimated S$80 million.
To be named lyf Funan Singapore, the prime property will be designed by millennials for millennials, and is set to offer a new way of living and collaborating as a community in the heart of Singapore’s Civic & Cultural District.
The nine-storey co-living property spans about 121,000 square feet in gross floor area.
Slated to open in 2020, it will provide 279 units with the flexibility to offer up to 412 rooms.
lyf Funan Singapore is an integral part of Funan which also comprises a mall and two office towers offering cutting-edge retail innovations and co-working spaces, for customers to enjoy a complete live-work-play experience within the integrated development.
The acquisition also cements Ascott’s position as the largest and fastest growing serviced residence operator in Singapore with close to 2,000 units in 12 properties.
Within a span of two months, Ascott has added about 1,000 units across four properties in Singapore; which includes securing a contract from Low Keng Huat to manage a 166-unit Citadines Balestier Singapore that will open in 2021.
This follows Ascott’s recent addition of the 240-unit lyf Farrer Park Singapore that was also awarded by Low Keng Huat, as well as a prime 299-unit serviced residence at CapitaLand’s landmark integrated development at Raffles Place.
Both serviced residences are also slated to open in 2021.
Lee Chee Koon, Ascott chief executive, said: “Ascott is expanding at our fastest pace ever in Singapore and is now the country’s biggest serviced residence operator with close to 2,000 units in 12 properties.”