CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has snagged a prime property in one-north business park, Singapore’s research and development hub which houses more than 400 companies, through a lease awarded by JTC Corporation. The 50-unit serviced residence is currently operating and will be rebranded to Citadines Fusionopolis Singapore from 1 April 2016. The new addition will further strengthen Ascott’s presence in Singapore, which is already one of the company’s top revenue-generating markets across more than 20 countries globally.
Mr Anthony Khoo, Ascott’s Head of Singapore Cluster, said: “Demand for our serviced residences remains strong in our home ground Singapore, driven largely by the inflow of foreign investment and various government initiatives to reinvent Singapore as an exciting business and leisure destination. The country is amongst our best performing markets after China, France and the United Kingdom. Ascott properties in Singapore have been achieving strong occupancy of above 80% and this property at Fusionopolis in one-north business park will give us an added advantage.”
Mr Khoo said: “With its choice location within the Fusionopolis, and its spacious loft apartments that appeal to expatriates on long stay, we are confident that Citadines Fusionopolis Singapore will further strengthen Ascott’s business in Singapore. It is an exciting period for Ascott as we will open the luxurious Ascott Orchard in Singapore’s premier shopping and lifestyle district soon after Citadines Fusionopolis Singapore. 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.”
Mr Khoo added: “Citadines Fusionopolis Singapore is strategically located in one-north business park, Singapore’s R&D hub. R&D is a key driver of Singapore’s economic growth as seen by the Government’s record budget of S$19 billion from now till 2020 to fund research, innovation and enterprise activities, an 18% increase over the previous five years. Home to over 400 companies already, the business park is expected to continue attracting top multi-national companies, which will drive sustained demand by business executives looking for quality accommodation in its vicinity.”