CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott) and its hospitality trust, Ascott Residence Trust (ART), have announced plans to jointly invest and develop a freehold student accommodation asset in the US for an expected total amount of US$109.9 million ($146.2 million).

Located in South Carolina, the freehold 678-bed student accommodation will serve over 35,000 undergraduate and graduate students from the nearby University of South Carolina (USC).

Construction of the student accommodation is scheduled to start in 3Q2021 and complete in 2Q2023. 

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