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Ascott steps up expansion in Singapore with four property openings by end of year

Author: Theodore Koumelis / Date: Mon, 09/09/2019 - 07:11
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lyf Funan Singapore
lyf Funan Singapore

Singapore portfolio to reach over 3,100 units with a record 846 units opening in 2019.

Singapore – CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott), is cementing its position as 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 in Singapore. Citadines Connect City Centre Singapore, secured under a franchise agreement, will increase Ascott’s total portfolio in Singapore to 17 properties across over 3,100 units.

Mr Ervin Yeo, Ascott’s Regional General Manager for Singapore, Malaysia and Indonesia, said: “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. This is a testament of Ascott’s well-established reputation and management excellence. 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.”

“We are expanding our product offerings in Singapore with new-to-market brands including the ‘lyf’ co-living brand and Citadines Connect, a line of business hotels with select services. Ascott is also managing Huazhu Hotels Group’s first hotel outside of China under its Ji Hotel brand. We are confident that our new properties will appeal to both business and leisure travellers given their excellent locations surrounded by commercial buildings, tourist attractions, and innovative retail hubs.”

Mr Yeo added: “Following the bumper openings this year, we look forward to the opening of four more well-located properties in Singapore under the Citadines and lyf brands in the next two years. As more of these properties open and turn fully operational, it will position us well to expand our recurring income base to deliver sustainable returns.”

Ascott’s four property openings in Singapore this year will add 846 units to the lodging scene. The first amongst the four properties to open is lyf Funan Singapore, followed by Citadines Balestier Singapore and Ji Hotel Orchard Singapore in September, while Citadines Rochor Singapore is slated to open in December. To meet the 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. 

lyf Funan Singapore is Asia’s largest co-living property and the world’s first property under Ascott’s ‘lyf’ co-living brand that is designed for millennials and millennial-minded. Located in the heart of Singapore’s Civic & Cultural District as part of the Funan integrated retail and commercial development, it offers a dynamic environment for social networking, collaboration and community building.

With proximity to the Novena MRT station, Citadines Balestier Singapore will be the best hospitality product in the area. Apart from sitting atop a three-storey retail podium, the immediate vicinity offers an array of shopping and dining options. It is a short drive to the Orchard Road shopping district and the Central Business District.

Ji Hotel Orchard Singapore is Huazhu Hotels Group’s first property outside China where it has more than 4,000 hotels including over 600 Ji Hotels. It has a prime location next to Orchard Road shopping belt. Within walking distance to Dhoby Ghaut MRT Station and CapitaLand’s iconic mall Plaza Singapura, it is surrounded by cultural, leisure and retail attractions as well as commercial buildings.

Citadines Rochor Singapore will be part of an integrated development that will also comprise a retail podium, Tekka Place. With the Rochor MRT station right at its doorstep and two other MRT lines within walking distance, the serviced residence is next to the burgeoning OphirRochor Corridor and Beach Road area – emerging commercial hubs with large-scale integrated developments and recreational spots.

Targeted for opening in 2021, Citadines Connect City Centre Singapore is Ascott’s first Citadines Connect property in Singapore. It is a stone’s throw away from Dhoby Ghaut MRT station and Plaza Singapura, with proximity to the vibrant fashion and retail district in Orchard Road. It caters to highly mobile business travellers who appreciate the convenience, fuss-free services, online connectivity and recreational experiences.

Besides Citadines Connect City Centre Singapore, Ascott is slated to open Citadines Raffles Place Singapore, lyf Farrer Park Singapore and lyf one-north Singapore in the next two years.

Other operating properties in Singapore include Ascott Orchard Singapore, Ascott Raffles Place Singapore, Citadines Fusionopolis Singapore, Citadines Mount Sophia Singapore, Somerset Bencoolen Singapore and Somerset Liang Court Singapore.

Ascott’s strong growth in Singapore is buoyed by the city-state’s increasing popularity as a top destination for travel, business and investments. Singapore is the world’s second most competitive economy given its open market and world-class infrastructure1. Visitor arrivals to Singapore also hit a record high last year, with an increase of 6.7% to 18.5 million2. Singapore is also ranked the world’s second best destination for expatriates due to its thriving regional economy as well as bilingual and multicultural environment3.

 

Notes:

[1] “The Global Competitiveness Report 2018” (2018), World Economic Forum
[2] “Year-In-Review” (2018), Singapore Tourism Board
[3] “HSBC Expat Survey” (2019), HSBC

ABOUT THE AUTHOR

Theodore Koumelis

Co-Founder & Managing Director

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.