Ascott REIT to build 324-unit coliving property at $62.4 mil one-north site

Ascott REIT to build 324-unit coliving property at $62.4 mil one-north site

By: 
PC Lee
20/09/18, 07:33 am

SINGAPORE (Sept 20): Ascott Residence Trust (Ascott REIT) has acquired a prime greenfield site at one-north for $62.4 million to build its first co-living property.

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 site is located at Nepal Hill, where there is a thriving research and innovation community comprising 400 companies, 800 startups and 50,000 professionals.

The 200-ha one-north estate has attracted over $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.

The property is to be managed by its sponsor, The Ascott Limited under the coliving brand, lyf, targeted at the rising millennial segment.

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

Ascott REIT says its 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.

Guests can look forward to fully-digital customer experience and communal amenities such as a lap pool, social kitchen, fitness area, barbeque garden, outdoor seating area, residents’ lounge, laundromat, thematic function rooms, and indoor events hall. Spanning a gross floor area of over 73,447 sf (6,823.5 sqm), lyf one-north Singapore will offer a mix of studio and loft units.

Ascott REIT is managed by Ascott Residence Trust Management Limited (ARTML), an indirect wholly owned subsidiary of CapitaLand Limited

Bob Tan, ARTML’s chairman, says: “This development only accounts for about 3% of Ascott REIT’s total asset value, which is within the 10% regulatory limit on property development for REITs. After the acquisition, Ascott Reit’s gearing will be 37.2%, which is below the 45% gearing threshold, thereby offering adequate debt headroom for the funding of the acquisition.”

Beh Siew Kim, ARTML’s CEO, says: “Set to be the first coliving development in one-north, lyf one-north Singapore will cater to the ready pool of young entrepreneurs, millennials and professionals in the vibrant cluster that hosts prominent research and knowledge-based organisations, startups as well as business schools. We expect strong demand for the property, given the thriving innovation ecosystem and the limited lodging supply in the vicinity.”

Year to date, units of Ascott REIT are down 13.5% to close at $1.09 on Wednesday.

Tabung Haji fails to recognise RM549 mil in impairment: PwC

KUALA LUMPUR (Dec 11): Lembaga Tabung Haji failed to recognise a total of RM549 million ($180.4 million) in impairment losses of investments in several associate companies and subsidiaries as well as fair value losses in investment properties and impairment of investment in available-for-sale (AFS) debt security, according to a report by PricewaterhouseCoopers (PwC) made available yesterday. This comes days after the 2017 Auditor-General's Report revealed that the pilgrims fund board had failed to report an asset impairment totalling RM227.81 million from its investment in th....
Read More >>

Singapore indicates region's weakest hiring intentions for 1Q19: ManpowerGroup

SINGAPORE (Dec 11): Singapore’s hiring place is expected to moderate in 1Q19 after three consecutive quarters of strengthening labour market activity, according to the latest ManpowerGroup Employment Outlook Survey. After accounting for seasonal variations, ManpowerGroup notes that the net employment outlook was +10%, unchanged y-o-y but down from 11%-13% over 2Q-4Q18. This means hiring intentions declined by 3 percentage points when compared to the previous quarter, but unchanged in comparison to a year ago.   ManpowerGroup’s net employment outlook indicator is derived fro....
Read More >>

Balancing profit and motive

SINGAPORE (Dec 10): On Dec 5, the UK government published a trove of internal Facebook emails and other documents that suggested the social media platform sought to trade users’ data with advertisers, or wield it for strategic advantage with third-party applications. Facebook has been under increasing scrutiny amid privacy concerns, and the backlash to the news was to be expected. In its defence, Facebook said it was seeking a way to ensure the sustainability of its business. As a business, Facebook should indeed be looking for the best way to monetise or leverage its assets — users’ ....
Read More >>
Active management can deliver attractive returns amid tightening liquidity, says Charles Schwab

SINGAPORE (Dec 10): In the last few years, passive fund management has become increasingly popular a