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In a bid to grow its presence in Singapore, The Ascott Limited announced today (30 October) that it has clinched contracts to run two serviced residences in Raffles Place and Rochor.
Both will operate under Citadines, the firm’s fastest growing brand in the city-state and across the world. These are also its two largest properties here with a total of more than 600 units.
“With the addition of these two well-located properties, Citadines will become Singapore’s leading serviced residence brand with the most number of units – 989 units across five properties,” said Ervin Yeo, Ascott’s Regional General Manager for Singapore and Malaysia.
The 299-unit property in Raffles Place forms part of an upcoming integrated development consisting of retail outlets, a food centre and premium Grade A office space. It will be among the tallest buildings in the area with a height of 280 metres.
Located near Raffles Place MRT station, the iconic project will be built on the site of the former Golden Shoe Car Park by a partnership between CapitaLand Commercial Trust, Mitsubishi Estate Co. Ltd and CapitaLand.
Meanwhile, the 320-unit Citadines Rochor Singapore is part of a future integrated project with a retail podium. Aside from being close to three MRT stations, it is also within proximity to Orchard Road and Little India.
The contract to run this serviced residence was granted by property and construction group Lum Chang Holdings and a fund overseen by LaSalle Investment Management Asia, which will jointly build the development on the site of the former The Verge mall.
Citadines Rochor and the upcoming Citadines property in Raffles Place are expected to open in 2020 and 2021 respectively.
This article was edited by Keshia Faculin.
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