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Transactions - APRIL 12, 2019

CapitaLand unit Ascott adds 14 new global properties

by Andrea Zander

Ascott, CapitaLand’s wholly owned lodging arm, has added 14 properties comprising more than 2,000 units across eight countries, including China, Germany, India, Indonesia, Japan, Malaysia, Thailand and Saudi Arabia, reported Deal Street Asia.

Three of the 14 new assets are co-living facilities under Ascott’s own brand “lyf,” located in Fukuoka, Japan; Kuala Lumpur, Malaysia; and Shanghai.

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 Fukuoka’s major retail and recreational center in 2020. The Raja Chulan Kuala Lumpur lyf facility also will 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 more than 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 fourth quarter 2019.

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