Ascott Reit acquires one-north site to build co-living property
Its bid of S$62.4m for the site was the highest of the four and nearly S$13m more than the second-highest bid
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Singapore
ASCOTT Residence Trust (Ascott Reit) has acquired a prime greenfield site at Nepal Hill in Singapore's research and innovation business hub one-north for S$62.4 million, the company announced on Thursday.
It plans to develop the 60-year leasehold site into the area's first co-living property, managed by the Reit's (real estate investment trust) sponsor, The Ascott, under its co-living brand lyf.
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