The Ascott, 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 Ascott's fastest-growing brand in Singapore and globally, Citadines. The 320-unit Citadines Rochor Singapore and the 299-unit Citadines Raffles Place are slated to open in 2020 and 2021, respectively. They will be Ascott's two largest properties here, making up the group's close to 2,300 units across 13 properties.

Mr Ervin Yeo, Ascott's regional general manager for Singapore and Malaysia, said: "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 have a premium Grade A office tower on a par with the tallest buildings in Raffles Place."

Mr Yeo said 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 firm said its Ascott Raffles Place Singapore has been achieving strong average occupancy rate of 80 per cent, better than the 77 per cent average occupancy rate of other serviced residences in the district.

Citadines Mount Sophia Singapore and Somerset Bencoolen 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.

Mr Yeo added: "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.