Ascott steps up expansion in Singapore with four property openings by end of year
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Ascott steps up expansion in Singapore with four property openings by end of year

Category: Asia Pacific - Singapore - Hotel projects
Press release published on 2019-09-02

Singapore portfolio to reach over 3,100 units with a record 846 units opening in 2019



Citadines Balestier Singapore facade
Photo credit © Ascott

CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), 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 over 3,100 units.

Mr 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’ coliving brand and Citadines Connect, a line of business hotels with select services. 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 travellers given their excellent locations surrounded by commercial buildings, tourism attractions, and innovative retail hubs.”

Mr 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 amongst 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.

Citadines Balestier Singapore Studio Premier Apartment
Photo credit © Ascott



Lyf Funan Singapore One Apartment
Photo credit © Ascott





Citadines Rochor Singapore
Photo credit © Ascott





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This press release has been selected by Sylvie Leroy

Sylvie Leroy, enthusiastic publisher since 1999
Her passion for luxury hospitality - a score performed by a fantastic Orchestra as she often says - led Sylvie Leroy to build in 2004 Journal des Palaces the sole online daily news dedicated to luxury hospitality with news, jobs, directories and resources. Get the news, communicate about your company, connect with professionals, and recruit with useful tools and services.


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