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.

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