SINGAPORE - Citadines' portfolio in Singapore more than doubles to over 900 units to become the country's leading serviced residence brand with the most number of units.
The Ascott Ltd, a unit of developer CapitaLand, has secured contracts to manage two properties located in the Central Business District (CBD) and near the Ophir-Rochor Corridor, which is positioned as the extension of the CBD.
Both properties will operate under the Citadines brand, Ascott's fastest growing brand in Singapore and globally.
The 299-unit Citadines Raffles Place and the 320-unit Citadines Rochor Singapore are slated to open in 2021 and 2020 respectively.
They will be Ascott's two largest properties in Singapore, making up the group's close to 2,300 units across 13 properties.
Said Ervin Yeo, Ascott's regional general manager for Singapore and Malaysia: "We see strong potential for Ascott to expand in Singapore as the Government is ramping up efforts to attract multinational companies and innovative start-ups as part of its drive to shape Singapore's future economy.
"Our quality Citadines property in Raffles Place is part of a future landmark integrated development, which will also comprise a premium Grade A office tower that is on par with the tallest buildings in Raffles Place."
He added that Citadines Rochor Singapore "enjoys a prime location close to the Ophir-Rochor Corridor and Beach Road area - emerging commercial hubs with large-scale integrated developments, offices, as well as recreational and cultural attractions".
The company said its existing Ascott Raffles Place Singapore has been achieving strong average occupancy rate of 80 per cent, better than the 77 per cent average occupancy of other serviced residences in the district.
While Citadines Mount Sophia Singapore and Somerset Bencoolen Singapore, near Citadines Rochor Singapore, have been performing well at an average occupancy rate of about 85 per cent, which beats the industry performance of 77 per cent, said Ascott.
Added Mr Yeo: "With the addition of these two well-located properties, Citadines will become Singapore's leading serviced residence brand with the most number of units - 989 units across five properties. This will increase our management contracts in Singapore, which will generate a steady stream of recurring income for Ascott.