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Ascott bags contracts to manage two properties in CBD, Ophir-Rochor Corridor

THE Ascott Limited, the serviced residence arm of CapitaLand, is stepping up its presence in Singapore with new contracts to manage two properties in the CBD and the new Ophir-Rochor Corridor.

Both properties will operate under the Citadines brand, it said on Monday.

The Citadines serviced residence in Raffles Place and Citadines Rochor Singapore, which will offer a total of over 600 units, will be Ascott's two largest properties in the country. The 299-unit Citadines property in Raffles Place and the 320-unit Citadines Rochor Singapore are slated to open in 2021 and 2020 respectively.

This move more than doubles Citadines' portfolio in Singapore to over 900 units to become the country's leading serviced residence brand with the most number of units.

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"We see strong potential for Ascott to expand in Singapore as the government is ramping up efforts to attract multinational companies and innovative startups as part of its drive to shape Singapore's future economy," said Ervin Yeo, Ascott's regional general manager for Singapore and Malaysia.

"We also see opportunities to cater to the new catchment of working professionals with Singapore's push for decentralisation of offices to new commercial hubs beyond the CBD," he added.

"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. Adding our two biggest properties in Singapore will enable us to cater to the expected growing demand for accommodation."

Citadines property in Raffles Place is part of a future landmark integrated development, to be redeveloped on the site of the former Golden Shoe Car Park by a joint venture formed by CapitaLand, CapitaLand Commercial Trust and Mitsubishi Estate Co Ltd.

As for Citadines Rochor Singapore, it is part of an upcoming integrated development that will also have a retail podium. Ascott has been awarded the contract to manage the serviced residence by property and construction group Lum Chang Holdings and a fund managed by LaSalle Investment Management Asia, which will jointly build the integrated development on the site of the former The Verge mall.