SINGAPORE—CapitaLand’s wholly owned lodging business unit, The Ascott Limited, 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 more than 3,100 units.
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,” Yeo continued. “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 travelers given their excellent locations surrounded by commercial buildings, tourism attractions, and innovative retail hubs.”
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 among 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.