CFA Society Singapore
SINGAPORE (Apr 9): The Ascott Limited, CapitaLand’s lodging business unit, has won contracts to manage 14 properties with over 2,000 units in China, Germany, India, Indonesia, Japan, Malaysia, Thailand and Saudi Arabia.
The 14 new properties included Ascott’s first foray into Changchun, the second largest city in Northeast China, as well as Germany’s first Ascott The Residence with the 100-unit Ascott Riverpark Tower Frankfurt.
Meanwhile, Ascott’s strategic alliance with Nasdaq-listed Huazhu Hotels Group (Huazhu), one of China’s leading hotel operators, and Huazhu’s subsidiary CJIA Apartments Group, also helped it secure the 118-unit Citadines Hongqiao Mixc Shanghai.
More significantly, three of the 14 new properties come under its co-living “lyf” brand, located in the cities of Fukuoka in Japan, Kuala Lumpur in Malaysia and Shanghai in China.
Under a partnership with Japanese real estate company, NTT Urban Development Corporation – a subsidiary of Nippon Telegraph and Telephone Corporation, Ascott will manage lyf Fukuoka as well as jointly explore serviced residence opportunities in Japan.
The 131-unit lyf property, nestled within Fukuoka’s major retail and recreational centre, is slated to open in 2020.
Meanwhile, the 160-unit lyf Hongqiao Shanghai, located in the Central Business District of Hongqiao, is set to open in 2022.
Lastly, lyf Raja Chulan Kuala Lumpur, which resides within Kuala Lumpur’s Golden Triangle, the Malaysian capital city’s commercial, shopping and entertainment hub, is scheduled to open in 2020.
With these three new additions, Ascott has eight lyf properties with over 1,600 units under development in Singapore, China, Japan, Malaysia, Thailand and the Philippines.
Ascott is also ramping up for the opening of its first lyf property, lyf Funan Singapore, in the heart of the city-state’s Civic & Cultural District, in the fourth quarter this year.