Ascott bags JTC lease for one-north serviced residence

CAPITALAND'S serviced residence business unit, The Ascott, has snagged a lease award from JTC Corporation for a prime property in Singapore's one-north business park.

The new property is a 50-unit serviced residence in the business park, which houses more than 400 companies. It is currently operating and will be rebranded to Citadines Fusionopolis Singapore from April 1, 2016.

Ascott's head of Singapore Cluster, Anthony Khoo, projects Citadines Fusionopolis Singapore will benefit from sustained demand by business executives looking for quality accommodation in the vicinity of one-north, with the business park expected to continue to attract top multinational corporations.

Citadines Fusionopolis Singapore is close to attractions such as Science Centre, Haw Par Villa theme park and Chinese Garden. It is also located near the National University of Singapore, National University Hospital and Singapore Polytechnic, as well as Holland Village, a popular dining spot.

Mr Khoo noted the company's properties in Singapore have been achieving strong occupancy of above 80 per cent on strong demand in the home ground, driven by the inflow of foreign investment and various government initiatives to re-invent Singapore as an exciting business and leisure destination.

Mr Khoo said the addition of Citadines Fusionopolis Singapore will be followed by the opening of Ascott Orchard Singapore towards early 2017.

Ascott Orchard Singapore will have 220 units comprising studios to two-bedroom units and penthouses.

"Ascott's operating portfolio in Singapore will exceed 1,000 apartment units by then, making us one of the largest serviced residence companies in Singapore," Mr Khoo remarked.

Ascott manages seven other properties in Singapore's prime locations, including Ascott Raffles Place, Citadines Mount Sophia, Somerset Bencoolen, Somerset Liang Court and Somerset Orchard.