Ascott, CapitaLand Wellness Fund acquire freehold hotel in Bugis
Mia Pei
THE Ascott, CapitaLand Investment’s (CLI) lodging business unit, and CapitaLand Wellness Fund have jointly acquired a freehold hotel with each holding a 50 per cent stake in the property.
While CLI did not disclose the hotel name and consideration price on Tuesday (Jan 9), BT had reported in November 2023 that negotiations were underway for the sale of Hong Kong-based Gaw Capital Partners’ Hotel G Singapore in the Bugis area, for about S$235 million to a CapitaLand-linked buyer.
Hotel G is a 308-unit budget hotel in the Middle Road/Bencoolen Street area.
CLI said the property will be upgraded and rebranded as lyf Bugis Singapore in mid-2024 under Ascott’s co-living brand lyf. It will remain operational throughout the renovation period.
The acquisition of lyf Bugis Singapore will expand the brand’s presence in Singapore to a total of four properties, in addition to lyf one-north Singapore, lyf Funan Singapore and lyf Farrer Park Singapore, said CLI.
“It will also grow Ascott’s portfolio in Singapore to over 4,700 units across 25 properties,” added CLI, noting that Ascott aims to grow its lyf portfolio to 150 properties with over 30,000 units by 2030.
SEE ALSO
CapitaLand Wellness Fund, which owns half of lyf Bugis Singapore, is CLI’s first wellness and healthcare-related real estate fund in South-east Asia, with a target fund size of S$1 billion. CLI said that lyf Bugis Singapore will focus on health and active wellness.
Patricia Goh, chief executive officer of South-east Asia investment in CLI, highlighted that the Bugis-Bras Basah precinct has the potential to become a wellness hub. “Together with the other CLI-managed properties in the precinct, we now have the unique opportunity to develop an integrated wellness hospitality ecosystem that meets the growing demand for wellness and healthcare-related tourism.”
The CLI counter closed Monday flat at S$3.01.
Copyright SPH Media. All rights reserved.
