Ascott acquires lease on one-north serviced apartment

SINGAPORE - CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, 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 April.

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 amongst 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 & 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.