Ascott obtains lease on one-north property

The Ascott's 50-unit serviced residence, which is part of the 30ha Fusionopolis precinct in one-north business park, is operating and will be rebranded to Citadines Fusionopolis Singapore from next month.
The Ascott's 50-unit serviced residence, which is part of the 30ha Fusionopolis precinct in one-north business park, is operating and will be rebranded to Citadines Fusionopolis Singapore from next month. PHOTO: THE ASCOTT LIMITED

CapitaLand's wholly-owned serviced residence business unit, The Ascott, has obtained a lease on a prime property in one-north business park.

The 50-unit serviced residence is currently operating and will be rebranded to Citadines Fusionopolis Singapore from next month.

Mr Anthony Khoo, Ascott's head of Singapore cluster, said demand for Ascott's serviced residences remains strong in 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 among our best performing markets after China, France and the United Kingdom. Ascott properties in Singapore have been achieving strong occupancy of above 80 per cent, and this property at Fusionopolis in one-north business park will give us an added advantage," he said.

Citadines Fusionopolis Singapore is part of the 30ha Fusionopolis precinct in the one-north development, Singapore's research and development hub which houses more than 400 companies. The area is well served by food and beverage outlets and retail amenities, including a supermarket, medical centre, post office and pharmacies.

Ascott has been growing its portfolio aggressively.

Last month, it announced a strategic alliance with China's biggest construction firm to fast-track its expansion in the country.

Ascott said that through its alliance with Dongfu Investment Development Corporation - a subsidiary of China State Construction Engineering Company - it will have first right to manage apartments currently under development as well as future projects to be built by Dongfu Investment.

Both parties will draw on each other's capabilities, resources, brands and sales networks to expand in China.

Ascott is already the largest international serviced residence owner- operator in China, with more than 14,000 units in 24 cities.

A version of this article appeared in the print edition of The Straits Times on March 08, 2016, with the headline 'Ascott obtains lease on one-north property'. Print Edition | Subscribe