Ascott REIT acquires suburban Singapore site for maiden development project

0

Ascott Residence Trust (Ascott REIT) has acquired a greenfield site within Singapore’s research and innovation hub for its maiden development project.

The 60-year leasehold site, which is located at Nepal Hill in the one-north high-tech cluster, has been acquired for SGD62.4 million (USD45 million).

Ascott REIT will build a co-living property on the site, and operate it under the lyf brand.

The property will be managed by Ascott REIT’s sponsor, The Ascott Limited, and targeted at the millennial segment.

To read the full article, please login or subscribe.

Share.

Comments are closed.