SINGAPORE (Sept 2): Ascott Limited, CapitaLand’s wholly-owned lodging business unit, is about to be the largest serviced residence operator in Singapore with a record number of openings this year as well as the signing of its first Citadines Connect business hotel.
Including Citadines Connect City Centre Singapore, which was secured under a franchise agreement, the group’s portfolio would increase to more than 3,100 units across 17 properties in Singapore.
Ascott on Monday announced it is launching four properties in Singapore this year, adding 846 units to the lodging scene. The properties to open this month are lyf Funan Singapore, followed by Citadines Balestier Singapore and Ji Hotel Orchard Singapore. Citadines Rochor Singapore is expected to open in December.
To meet rising demand for short-stay accommodation, lyf Funan Singapore, Ji Hotel Orchard Singapore and Citadines Rochor Singapore will have the flexibility of taking in daily stays under full hotel licenses.
In addition, Ascott is slated to open Citadines Raffles Place Singapore, lyf Farrer Park Singapore and lyf one-north Singapore in the next two years.
Ervin Yeo, Ascott’s Regional General Manager for Singapore, Malaysia and Indonesia says, “We are on a strong growth trajectory, with our presence in our home market of Singapore expanding by over 60% in the past two years. We have a record opening of four properties this year and another four are expected to open by 2021. “
“With the government’s pro-business policies as well as exciting initiatives to rejuvenate the city and attract investors and tourists, we see strong demand for international-class lodging properties. We will further step up Ascott’s presence in Singapore through strategic acquisitions, partnerships, management contracts, franchises and leases,” he adds.
As at 11am, shares in CapitaLand are trading 6 cents lower at $3.41.
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