- The Ascott
CapitaLand’s Ascott has secured contracts to manage two new serviced residence properties in Raffles Place and Rochor under the Citadines brand.
The new projects will be Ascott’s two largest properties in Singapore, and will have more than 600 units together.
Slated to open in 2020, Citadines Rochor will have 320 units, while the property in Raffles Place will have The 299 units when it opens in 2021.
Mr Ervin Yeo, Ascott’s regional general manager for Singapore and Malaysia, said that the new Citadines property in Raffles Place will be part of a future landmark integrated development comprising a Grade A office tower “that is on par with the tallest buildings in Raffles Place”.
The Rochor property will be located near the Ophir-Rochor Corridor and Beach Road area.
Ascott said in a statement on Monday (Oct 30), that its existing Ascott Raffles Place property has been achieving strong average occupancy rate of 80%, higher than the 77% average of other properties in the district.
At the same time, its Citadines Mount Sophia Singapore and Somerset Bencoolen Singapore properties have also achieved average occupancy rate of about 85%, it added.
“We see strong potential for Ascott to expand in Singapore as the government is ramping up efforts to attract multinational companies and innovative startups as part of its drive to shape Singapore’s future economy,” Mr Yeo said.
In August, Ascott announced that it would be opening a nine-storey serviced residence property under a new millennial-targeted brand called Lyf at the new Funan integrated development by 2020.