SINGAPORE: Ascott and C-WELL acquire lodging property to relaunch under the lyf brand, holding a 50% stake each, as stated in a news release on Tuesday, Jan 9.
CapitaLand announced in a news release that Ascott Limited (Ascott), a wholly-owned lodging business unit under CapitaLand Investment (CLI) and CapitaLand Wellness Fund (C-WELL), has successfully acquired a freehold lodging property in Singapore. This marks C-WELL’s inaugural acquisition since its first close in Oct 2023.
CLI’s wellness and healthcare-focused real estate fund, C-WELL, will concentrate its initial efforts on Singapore, Thailand, and Malaysia. With an ambitious target fund size of S$1 billion, C-WELL aims to invest in single or mixed-use assets across the healthcare, medical, wellness, and preventive care spectrum.
The newly acquired 308-unit property in Singapore’s downtown core district and within walking distance to Bugis and Bencoolen MRT train stations will see Ascott and C-WELL each holding a 50% stake.
The property is slated for an upgrade and rebranding under Ascott’s renowned lyf brand in response to the growing demand for experience-centric social living.
Despite the ongoing renovation, the property will remain operational, revealing itself as lyf Bugis Singapore in mid-2024.
Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, expressed, “The acquisition is aligned with Ascott’s asset-light growth strategy, as we invest alongside our funds while growing a pipeline of quality assets that can be subsequently injected into our other funds.”
He emphasised the strategic addition of a well-located freehold asset to the portfolio in Singapore, enhancing the brand’s ability to capture travel demand and boost asset value.
Ms Patricia Goh, CEO of Southeast Asia Investment, CLI, highlighted C-WELL’s focus on healthcare and wellness-related investments, aiming for scale, synergy, and sustainable growth in Southeast Asia.
“The Bugis-Bras Basah precinct, with its diverse mix of retail, workspaces, residential and medical facilities, has the potential to be transformed into a thriving hub for wellness and corporate healthcare, attracting both local and international visitors,” she said.
With its diverse offerings, the Bugis-Bras Basah precinct is viewed as an opportunity to develop an integrated wellness-hospitality ecosystem meeting the rising demand for healthcare-related tourism.
What lyf Bugis Singapore offers
lyf Bugis Singapore will concentrate on health and active wellness as part of Ascott’s commitment to guest wellness under Ascott CARES.
The property will offer shared spaces, dining options, and fitness facilities, promoting social interaction and guest well-being. A range of telehealth, telecounselling, travel security advisory services, and partnerships with healthcare and wellness operators will be available to guests.
Lyf Bugis Singapore is poised to become a green-certified property, incorporating sustainability features like a room occupancy detection system and an upgraded cooling system.
It is anticipated that the property will receive the Green Mark GoldPLUS certification from Singapore’s Building & Construction Authority.
This expansion aligns with Ascott’s goal of growing its lyf portfolio to 150 properties with over 30,000 units by 2030. The move also bolsters Ascott’s overall Singapore portfolio to over 4,700 units across 25 properties.
The lyf brand is in 21 cities worldwide, with over 5,500 units./TISG