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Ascott fund investing S$170.3m in Funan project's serviced residence

Amount includes S$90.5m for acquiring land from CapitaLand Mall Trust

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Published Fri, Aug 4, 2017 · 09:50 PM

    Singapore

    THE Ascott Limited, CapitaLand's wholly owned serviced residence business unit, is investing S$170.3 million in the serviced residence component of the Funan integrated development. This will be done through its serviced residence global fund with Qatar Investment Authority (QIA).

    Of the S$170.3 million, the fund is acquiring the land for the serviced residence component from CapitaLand Mall Trust (CMT) for S$90.5 million and developing the Singapore flagship of Ascott's millennial-focused lyf brand on the site for an estimated S$80 million.

    CapitaLand

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