CAPITALAND'S serviced residence business unit, The Ascott, has snagged a lease award from JTC Corporation for a prime property in Singapore's one-north business park.
Ascott's newly added property is a 50-unit serviced residence in the business park, which houses more than 400 companies. The serviced residence is currently operating and will be rebranded to Citadines Fusionopolis Singapore from April 1, 2016.
Ascott's head of Singapore Cluster, Anthony Khoo projects Citadines Fusionopolis Singapore will benefit from sustained demand by business executives looking for quality accommodation in the vicinity of one-north, with the business park expected to continue to attract top multi-national companies.
Citadines Fusionopolis Singapore is close to attractions such as the Science Centre, Haw Par Villa theme park and Chinese Garden. Ascott's new serviced residence is also located near the National University of Singapore, National University Hospital and Singapore Polytechnic as well as Holland Village, a popular dining spot.
Mr Khoo noted, the company's properties in Singapore have been achieving strong occupancy of above 80 per cent on strong demand in the home ground, driven by the inflow of foreign investment and various government initiatives to re-invent Singapore as an exciting business and leisure destination.
Mr Khoo said the addition of Citadines Fusionopolis will be followed by the opening of Ascott Orchard in Singapore towards early 2017. "Ascott's operating portfolio in Singapore will exceed 1,000 apartment units by then, making us one of the largest serviced-residence companies in Singapore," he remarked.
Ascott Orchard will have 220 units comprising studios to two-bedroom units and penthouses. The latest serviced residence for Ascott in Orchard is part of an integrated development by CapitaLand, which also comprises a residential tower, Cairnhill Nine. Both Ascott Orchard and Cairnhill Nine are linked to Paragon shopping mall through a covered bridge.
Ascott manages seven other properties in Singapore's prime locations, five of these are Ascott Raffles Place, Citadines Mount Sophia, Somerset Bencoolen, Somerset Liang court and Somerset Orchard.
This article was first published on March 8, 2016.
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