The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment (CLI) and CapitaLand Wellness Fund (C-WELL), have jointly acquired a freehold lodging property in Singapore. Ascott and C-WELL each hold a 50 percent stake in the lodging property.
This is C-WELL’s first acquisition since announcing its first close at the end of October 2023. C-WELL is CLI’s inaugural wellness and healthcare–related real estate fund anchored in Southeast Asia. The value-add fund will focus initially on Singapore, Thailand and Malaysia. With a target fund size of S$1 billion ($750 million) on an upsized option, C-WELL will invest in single- or mixed-use assets that span the healthcare, medical, wellness and preventive care spectrum.
Located in Singapore’s downtown core district within walking distance to both Bugis and Bencoolen MRT train stations, the 308-unit property will be upgraded and rebranded under Ascott’s award-winning lyf (pronounced “lifeâ
