The Ascott is investing S$192 million in a freehold serviced residence in the central business district of North Sydney. The property will be financed through the Ascott Serviced Residence Global Fund, its global fund with Qatar Investment Authority.
The Ascott has opened lyf Funan Singapore, the largest co-living property in south-east Asia. It is also the first property under Ascott’s new ‘lyf’ brand, which the company says is “managed by millennials for the millennials and millennial-minded”.
The Ascott is seeking to cement its position as the largest serviced residence operator in Singapore with a record number of openings this year. At the same time the company has completed the signing of its first Citadines Connect business hotel in the city state.
Capitaland has announced a proposed combination of its Ascott Residence Trust and Ascendas Hospitality Trust units. If completed, the deal will result in the combined entity becoming the largest hospitality trust in Asia Pacific, and the eighth largest globally.
As it gears up to open its first European property in Liverpool this summer, Quest Apartment Hotels has appointed Cycas Hospitality as its independent hotel manager for Quest Liverpool City Centre.
The Ascott has launched Citadines Connect, a line of business hotels with selected services, to widen its short-stay offerings as it continues to grow its portfolio.
CapitaLand has successfully topped out the eighth and final skyscraper of Raffles City Chongqing as the group enters the final lap of preparation works to open the highly anticipated 1.12-million-square-metre megastructure.
The Ascott has opened La Clef Champs-Élysées Paris in France, its third property under The Crest Collection. The brand is a prized selection of some of Ascott’s most prestigious and unique luxury serviced residences.
The Ascott has secured contracts for another 26 properties with over 4,600 units across 18 cities and 11 countries. The new additions boost its portfolio to over 100,000 units.
The Ascott has formed a strategic alliance with one of Indonesia’s top property developers – Ciputra Development Group. Under the alliance, Ascott will manage serviced residences to be developed by Ciputra in Indonesia and China within the next five years.