CapitaLand’s Ascott to open four properties in Singapore by end-year

Singapore’s Raffles Place area with Ascott building; taken October 2018.Singapore’s Raffles Place area with Ascott building; taken October 2018.

CapitaLand’s Ascott plans to open four properties in Singapore this year, with another four set to open by 2021, as the lodging company plans a record number of openings in 2019, the company said in a filing to SGX Monday.

Ascott has also signed its first Citadines Connect business hotel in Singapore — the Citadines Connect City Centre Singapore — under a franchise agreement, in a deal increasing the company’s total Singapore portfolio to 17 properties with more than 3,100 units, the filing said.

The four Singapore properties to open this year, which will add 846 units, include lyf Funan Singapore, Citadines Balestier Singapore and Ji Hotel Orchard Singapore in September, and Citadines Rochor Singapore in December, Ascott said.

“We are on a strong growth trajectory, with our presence in our home market of Singapore expanding by over 60 percent in the past two years,” Ervin Yeo, Ascott’s regional general manager for Singapore, Malaysia and Indonesia, said in the statement.

“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,” Yeo said. “We will further step up Ascott’s presence in Singapore through strategic acquisitions, partnerships, management contracts, franchises and leases.”

Yeo said Ascott plans to open four more Singapore properties under the Citadines and co-living lyf brands over the next two years.

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