Singapore: CapitaLand unit Ascott adds 14 new global properties

Singapore-listed CapitaLand’s wholly-owned lodging business Ascott has added 14 properties comprising over 2,000 units across eight countries to its managing portfolio.

These countries include China, Germany, India, Indonesia, Japan, Malaysia, Thailand and Saudi Arabia. Three of the 14 new assets are co-living facilities under Ascott’s own brand “lyf”, located in Fukuoka in Japan, Kuala Lumpur in Malaysia and Shanghai in China.

Under a partnership with Japanese real estate firm NTT Urban Development Corporation, Ascott will manage lyf Fukuoka1 as well as jointly explore serviced residence opportunities in Japan, it said in a statement.

Ascott targets to open the 131-unit lyf property in the Fukuoka’s major retail and recreational centre in 2020. The Raja Chulan Kuala Lumpur lyf facility will also be launched in the same year, while the 160-unit Hongqiao Shanghai is set to open in 2022.

These three additions have brought Ascott’s lyf portfolio to eight properties with over 1,600 units under development in Singapore, China, Japan, Malaysia, Thailand and the Philippines. Its first lyf location in Singapore is expected to open in the fourth quarter this year.

“Demand for our lyf-branded co-living properties is gaining ground. We are bringing lyf to Fukuoka, Kuala Lumpur and Shanghai as the buzzing start-up ecosystems in these cities have given rise to a popular culture of living and co-creating as a community among the millennials,” said Ascott CEO Kevin Goh.

The firm’s newest lyf properties have prime locations in the cities’ major commercial and recreational hubs with proximity to tech unicorn companies.

lyf was designed to target the millennials, who account for a quarter of Ascott’s customer base, the company said.

It is looking at expanding the brand to other markets including Australia, France, Germany, Indonesia and the UK.

The 14 new properties also marked Ascott’s foray into Changchun, the second largest city in Northeast China, and deepened its presence in other cities of the eight countries.

In Germany, Ascott will bring its Ascott The Residence brand with the 100-unit Ascott Riverpark Tower Frankfurt, targeted to open in 2022.

It has formed strategic alliance with Nasdaq-listed Huazhu Hotels Group and its subsidiary CJIA Apartments Group in China, and with Ananda Development in Thailand, to develop local properties.

“Besides management contracts, Ascott’s strategic alliances with market leaders such as NTT Urban Development Corporation in Japan, Huazhu Hotels Group in China and Ananda Development in Thailand continue to provide us with a strong pipeline of properties. In addition to the 14 new properties, we secured our first property in Australia under our recently launched Citadines Connect brand of select-service business hotels,” said Goh.

He added that Ascott’s expansion will reach 160,000 units globally by 2023. The company currently has 101,000 units under management and development in over 670 properties.

Also read:

Europe & ASEAN key to The Ascott’s growth strategy: Kevin Goh, COO

CapitaLand makes first close of debut China real estate debt fund at $556m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.