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Ascott appointed to operate two new serviced residences
CONSTRUCTION firm Low Keng Huat announced on Friday that its wholly owned subsidiaries, Balestier Tower and Perumal Development, have entered into separate agreements with The Ascott Limited to manage the serviced residences of Citadines Balestier Singapore and lyf Farrer Park Singapore respectively.
Both serviced residences are slated to open in 2021. The development of both serviced residences will be funded by internal funds and borrowings from financial institutions. Both developments are not expected to have any material impact on the net tangible assets or earnings per share of the company for the current financial year.
The 166-unit Citadines Balestier Singapore is located within a five-minute drive to Novena Square shopping mall and Novena Medical Centre, which are connected to the train station. The property will provide guests with studios and one-bedroom units. Facilities include a swimming pool, a gymnasium with a running track, social pavilion, children's playground and barbeque pit.
A two-minute walk from the Farrer Park MRT station, lyf Farrer Park Singapore is a 240-unit serviced residence. It is part of a mixed-use development that will also comprise retail and residential components, and is directly opposite Farrer Park Hospital. lyf Farrer Park Singapore will include co-living features such as a social kitchen and lobby that can be converted into spaces for events, meetings, and a café-reception counter.