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SINGAPORE (Aug 4): CapitaLand’s wholly-owned unit, The Ascott, will invest S$170.3 million (RM537.16 million) in the serviced residence component of Funan. Ascott is set to invest in the component through its fund with Qatar Investment Authority.
Of the S$170.3 million, S$90.5 million will be used to purchase the land for the serviced residence component from CapitaLand Mall Trust. The remaining estimated S$80 million will be used to develop lyf Funan Singapore on the site. Like other properties under Ascott’s lyf brand, lyf Funan Singapore will be millennial-focused.
Slated to open in 2020, lyf Funan Singapore will be a nine-storey co-living property spanning a gross floor area of approximately 121,000 sq ft. The co-living property will provide 279 units, and have the flexibility to offer up to 412 rooms.
Lee Chee Koon, Ascott’s CEO, comments on Ascott’s acquisition of lyf Funan Singapore, “With the millennial traveller segment already making up a quarter of Ascott’s global customer base and poised to further expand, securing our fourth lyf property will enable us to leverage our scale to capture this rapidly growing market, which is set to be the largest spending travel demographic by 2020.”
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