Ascott Reit

CapitaLand, CDL, Ascott Reit to redevelop Liang Court into mixed-use complex

CapitaLand Limited, City Developments Limited (CDL) and Ascott Residence Trust (Ascott Reit) on Thursday said they will together redevelop the Liang Court site. The site comprises Liang Court mall, midscale hotel Novotel Singapore Clarke Quay and serviced residence Somerset Liang Court Singapore. This comes as CDL Hospitality Trusts (CDLHT) has proposed to sell its entire stake in Novotel Singapore...

CapitaLand to merge Ascott Reit, Ascendas unit to form largest hospitality trust in Asia-Pacific

Singapore's CapitaLand will combine Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust (A-HTRUST) to form the largest hospitality trust in the Asia-Pacific region, it was announced on Wednesday (Jul 3). The proposed combination will result in the combined entity becoming the eighth largest hospitality trust globally, with an asset value of S$7.6 billion, the two trusts announced in a...

Ascott Raffles Place Singapore to be sold for S$353 million

Serviced residence Ascott Raffles Place Singapore, which is housed within a restored 1950s heritage building, is set to be sold off for S$353.3 million by Ascott Residence Trust (Ascott Reit). The sale price is 64.3 per cent above the property’s latest valuation of S$215 million as at Dec 31, 2018, Ascott Reit said in a stock exchange filing on Wednesday (Jan 9). It said that the buyer is an...

Ascott Reit buys land for $62.4 mil to build co-living property

Ascott Residence Trust (Ascott Reit) has purchased a prime site in Singapore’s research and innovation business hub, one-north, for $62.4 million. The 60-year leasehold land, acquired from JTC Corporation, will be used to build a development for co-living, under Ascott’s co-living brand lyf. It will offer an estimated 324 units across two residential blocks and is slated to open by 2021. This...

Ascott Reit Q2 DPU flat at 1.84 cents; revenue up 6%

Ascott Residence Trust's distribution per unit (DPU) stayed flat at 1.84 cents for the second quarter ended June 30. If year-ago results were restated to account for a rights issue, through which 481.7 million units were issued on April 11 last year, DPU would have slipped 16 per cent from 2.18 cents. Unitholders' distribution fell 15 per cent to $39.8 million. Gross revenue for Q2 rose 6 per cent to...

Ascott REIT acquires Manhattan asset for S$220.7m

Ascott Residence Trust (Ascott REIT) will acquire a prime property in Times Square, New York for US$163.5 million (S$220.7 million), it announced in a news release on Thursday (Jul 2). The acquisition – the REIT's first in US – of the 411-room Element New York Times Square West hotel will yield an EBITDA of 6.2 per cent, and it is expected to increase Ascott REIT’s distribution income in the 2014...

Ascott REIT acquires 7 assets in Australia, Japan for S$298.3m

Ascott Residence Trust (Ascott REIT) on Thursday (Jun 25) announced it will acquire seven property assets in Australia and Japan for S$298.3 million. It will acquire the 380-unit Citadines on Bourke Melbourne from Ascott for A$158.5 million (S$167.6 million). It will also buy the remaining 40 per cent interest in Citadines Shinjuku Tokyo and Citadines Karasuma-Gojo Kyoto for about 3 billion yen (S$33.7...

Ascott Reit acquires Malaysia, China serviced residences for S$173.9m

Ascott Residence Trust, also known as Ascott Reit, announced on Monday (July 7) that it has entered into conditional agreements to acquire its first serviced residence in Kuala Lumpur, Malaysia, as well as properties in Wuhan and Xi’an in China at a total property value of S$173.9 million. Ascott Reit will acquire the 207-unit Somerset Ampang Kuala Lumpur from The Ascott Ltd for RM175 million (S$67.4...

Ascott Reit to acquire properties in China and Japan

Ascott Reit has agreed to buy three serviced residences in China and 11 rental residential properties in Japan for a total of S$287 million. This will raise FY2012 distribution per unit by 2.9 per cent – from 8.76 cents to 9.01 cents. Ascott Reit said the three serviced residences in China are located in Shanghai, Shenyang and Suzhou and they will continue to be managed by Ascott. It will also...

CapitaLand to buy Somerset Grand Cairnhill for S$359m

CapitaLand said it will buy an Orchard area property from its associate, Ascott REIT, for S$359 million. It will redevelop the property, Somerset Grand Cairnhill, into an integrated development comprising serviced residences (with hotel licence) and high-end residential properties. CapitaLand is expected to sell the redeveloped serviced residences (with hotel licence) back to Ascott REIT for S$405...

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