Ascott to invest $170 mil in Funan’s co-living component

SINGAPORE (Aug 4): The Ascott Limited is investing $170.3 million in the serviced residences component of the Funan integrated development through its fund with Qatar Investment Authority (QIA).

In a press release on Friday, the wholly-owned serviced residence business unit of CapitaLand says that out of the $170.3 million, $90.5 million will be used to acquire the land for the development from CapitaLand Mall Trust (CMT).

The remaining estimated $80 million, which includes $11.3 million for construction works in progress up to the completion date of the transaction, will be used for developing the Singapore flagship of Ascott’s millennial-focused lyf brand on the site.

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