Singapore-based CapitaLand’s Ascott lodging business plans to add a record 846 units across four new properties in Singapore this year, growing its local portfolio to over 3,100.
The 279-apartment lyf Funan Singapore, the 166-unit Citadines Balestier Singapore and the 81-room Ji Hotel Orchard Singapore properties are set to open this month, while the 320-unit Citadines Rochor Singapore asset will open in December.
lyf Funan Singapore (image: CapitaLand)
“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,” said Ervin Yeo, Ascott’s Regional General Manager for Singapore, Malaysia and Indonesia, in a statement.
“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.”
As Ascott’s first property under the lyf co-living brand, the lyf Funan Singapore property will be Asia’s largest co-living property.
Additionally, Ascott will manage Huazhu Hotels Group’s first hotel outside of China under its Ji Hotel brand.
The lodging business also plans to open Citadines Connect City Centre Singapore, its first Citadines Connect property in the city-state, in 2021 and the Citadines Raffles Place Singapore, lyf Farrer Park Singapore and lyf one-north Singapore properties within the next two years.
The lodging business is betting on Singapore’s popularity as a top destination for tourism and business, with visitor arrivals to Singapore hitting a record high last year, rising 6.7% to 18.5m in 2018.
Ascott has over 65,000 operating units and more than 45,000 units under development across over 700 properties.
Headquartered and listed in Singapore, CapitaLand owns and manages a global real estate portfolio worth S$129.1bn.