To extend its service offerings to guests, Ascott is also providing its space-as-a-service by exploring with multinational corporations, entrepreneurs and small-medium enterprises different possibilities to optimise the use of space in its properties, the company said on Thursday.

These range from hosting cloud kitchens and Starbucks coffee kiosks, to organising live-streaming or fitness activities in its apartments, and serving as parcel collection hubs. In Singapore, Ascott has partnered a food tech company to set up a cloud kitchen in lyf Funan Singapore’s shared kitchen to provide in-house guests with more dining options.

With Ascott’s “work in residence”, guests, corporates and students seeking alternative location to work-from-home or study can book work suites across over 60 participating properties in more than 30 cities over 10 countries, the company said. Guests can choose from daily, weekly or monthly packages.

Said Kevin Goh, CapitaLand’s chief executive officer (CEO) for lodging and Ascott’s CEO: “Ascott’s strengths in the long-stay segment have bolstered our resilience against headwinds from the Covid-19 situation. Our record of securing 25 new properties in the first five months of 2020, as well as the addition of six new lyf properties in July are testament to the strong demand for our expertise and products.”

He added that the group is evolving its lodging products and services to cater to new customer segments and uncover alternative revenue streams.

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The new property, Citadines Namba Osaka, offers 313 units with varied apartment types. It sits in Osaka’s popular entertainment and shipping district, and is surrounded by commercial buildings, Ascott said in a media statement on Monday.

It houses studio apartment, studio executive apartments with fully equipped kitchens, as well as one- and two-bedroom units, catering to guests on both short and long stays.

Ascott is operating the serviced residence through a master lease agreement with Toshin Development Company, a subsidiary of Asian department store business Takashimaya Group.

In 2021, Ascott will also open lyf Tenjin Fukuoka, the first co-living property in Japan under its “lyf” brand, which caters to millennials and the “millennial-minded”, said Tan Lai Seng, Ascott’s regional manager for Japan and Korea.

The nine-storey lyf Funan Singapore, which opened in September last year, was Ascott’s first co-living property.

“We will continue to pursue growth through management contracts, leases, investments and strategic alliances with market leaders in gateway cities such as Tokyo, Osaka, Fukuoka and Yokohama,” said Mr Tan.

Besides Citadines Namba Osaka, Ascott operates seven other serviced residences in Japan. The company has a Japan portfolio of over 5,000 units across more than 30 serviced residences, hotels and rental housing properties in nine cities.

“Our properties have been performing well at an occupancy rate of 80 per cent to 90 per cent. Upcoming major events such as the Tokyo Olympics and Paralympics, and Osaka-Kansai World Expo are expected to boost demand for our lodging properties, including Citadines Namba Osaka,” said Mr Tan.

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The nine-storey lyf Funan property comprises 412 rooms across 279 apartments. Five apartment types ranging from 18 to 105 square metres are available, with room rates from S$150, excluding taxes, to cater to both short and long stays.

Targeted at millennials, the lyf concept is said to be “managed by millennials for the millennials and millennial-minded”, and looks to provide collaborative spaces and social programmes to create a “live-work-play” experience.

This includes allowing guests to co-organise and co-create community programmes, or partake in TED talks, craft workshops and hackathons.

lyf Funan Singapore will also be managed by millennial “lyf guards” – who are community managers, city and food guides, bar keepers, event organisers and problem solvers all rolled into one.

Seven more lyf properties are slated to open in the next three years, with two more opening in Singapore – lyf Farrer Park Singapore which will open in 2020, and lyf one-north Singapore which will open in 2021.

The other markets are Bangkok, Fukuoka, Kuala Lumpur, Cebu and Shanghai, with the properties due to open by 2022.

Ascott is also eyeing key gateway cities in Australia, France, Germany, Indonesia, the Netherlands, South Korea and the UK, where it will explore introducing lyf, via investment, management contracts or leases.

Mindy Teo, Ascott’s deputy managing director of lyf, said that lyf Funan is South-east Asia’s largest co-living property and that the millennial segment – the fastest-growing travel segment – already forms a quarter of Ascott’s customer base, and is expected to grow.

“Our lyf properties are specially designed to cater to millennials’ craving for social connections, collaboration and co-creation,” Ms Teo said.

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Ascott’s four property openings in Singapore this year will add 846 units to the lodging scene. The first amongst the four properties to open is lyf Funan Singapore, followed by Citadines Balestier Singapore and Ji Hotel Orchard Singapore in September, while Citadines Rochor Singapore is slated to open in December. To meet rising demand for short-stay accommodation, lyf Funan Singapore, Ji Hotel Orchard Singapore and Citadines Rochor Singapore will have the flexibility of taking in daily stays under full hotel licenses. Guests can now book lyf Funan Singapore and Citadines Balestier Singapore on Ascott’s website (www.the-ascott.com) and enjoy opening promotions.

lyf Funan Singapore is Asia’s largest coliving property and the world’s first property under Ascott’s ‘lyf’ coliving brand that is designed for millennials and millennial-minded. Located in the heart of Singapore’s Civic & Cultural District as part of the Funan integrated retail and commercial development, it offers a dynamic environment for social networking, collaboration and community building.

lyf Funan Singapore has easy access to the City Hall MRT interchange that is well-connected to the rest of the city. lyf Funan Singapore offers five apartment types ranging from 18 square metres to 105 square metres to accommodate single, dual or group bookings. It also offers communal spaces such as a coworking lounge, social kitchen and laundrette.

With proximity to the Novena MRT station, Citadines Balestier Singapore will be the best hospitality product in the area. Apart from sitting atop a three-storey retail podium, the immediate vicinity offers an array of shopping and dining options. It is a short drive to the Orchard Road shopping district and the Central Business District.

The serviced residence sits atop a three-storey retail podium offering a variety of dining and shopping options. It is set to open in September 2019. Guests of Citadines Balestier Singapore can select from studio apartments and one-bedroom units. Facilities include a swimming pool, outdoor fitness area with a running track, social pavilion, children’s playground and barbeque pit.

Ji Hotel Orchard Singapore is Huazhu Hotels Group’s first property outside China where it has more than 4,000 hotels including over 600 Ji Hotels. It has a prime location next to Orchard Road shopping belt. Within walking distance to Dhoby Ghaut MRT Station and CapitaLand’s iconic mall Plaza Singapura, it is surrounded by cultural, leisure and retail attractions as well as commercial buildings.

Citadines Rochor Singapore will be part of an integrated development that will also comprise a retail podium, Tekka Place. With the Rochor MRT station right at its doorstep and two other MRT lines within walking distance, the serviced residence is next to the burgeoning Ophir-Rochor Corridor and Beach Road area – emerging commercial hubs with large-scale integrated developments and recreational spots.

Targeted for opening in 2021, Citadines Connect City Centre Singapore is Ascott’s first Citadines Connect property in Singapore. It is a stone’s throw away from Dhoby Ghaut MRT station and Plaza Singapura, with proximity to the vibrant fashion and retail district in Orchard Road. It caters to highly mobile business travellers who appreciate convenience, fuss-free services, online connectivity and recreational experiences. Besides Citadines Connect City Centre Singapore, Ascott is slated to open Citadines Raffles Place Singapore, lyf Farrer Park Singapore and lyf one-north Singapore in the next two years.

Other operating properties in Singapore include Ascott Orchard Singapore, Ascott Raffles Place Singapore, Citadines Fusionopolis Singapore, Citadines Mount Sophia Singapore, Somerset Bencoolen Singapore and Somerset Liang Court Singapore.

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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 joint news release.

It will also become the seventh largest trust listed on the Singapore Exchange by asset value.

The transaction will bring together Ascott Reit’s global portfolio comprising predominately of serviced residences and A-HTRUST’s 14 hotels in the Asia-Pacific region, creating a portfolio of 88 properties with more than 16,000 units in 15 countries across Asia Pacific, Europe and the United States of America.

It will also further diversify Ascott Reit’s portfolio into new cities: Brisbane and Seoul.

ACCESS TO LARGER CAPITAL BASE

“The combined entity will have a higher proportion of stable income derived from master leases; well balanced by growth income derived from management contracts,” said Ascott Residence Trust Management Limited’s Chairman Bob Tan.

“With access to a larger capital base and a higher debt headroom of about S$1 billion, we will have greater financial flexibility to seek more accretive acquisitions and value enhancements.”

He added: “The combined entity can then be strategically positioned to potentially enjoy a positive re-rating of the unit price and gain a wider investor base, which would be beneficial to all our unitholders.”

The total consideration for the combination is S$1,235.4 million, comprising S$61.8 million in cash and 902.8 million new Ascott Reit-BT stapled units.

Through a trust scheme of arrangement, Ascott Reit will acquire all the A-HTRUST stapled units for a consideration of S$1.0868 per unit, comprising S$0.0543 in cash and 0.7942 Ascott Reit-BT stapled units issued at a price of S$1.30.

Ascott Reit will establish Ascott Hospitality Business Trust (Ascott BT), and all the units in Ascott Reit will be stapled with units in Ascott BT to form a stapled trust.

Pursuant to the trust scheme of arrangement, all the units in A-HTRUST will be unstapled, Ascott Reit will acquire all the unstapled units in A-HTRUST REIT and Ascott BT will acquire all the unstapled units in AHTRUST BT, and A-HTRUST will then be delisted.

LARGER EXPOSURE TO ASIA PACIFIC

The combination will enable larger exposure to the Asia-Pacific region, said CEO of Ascott Residence Trust Management Beh Siew Kim in an interview with CNA938 radio.

“Through this combination, we actually increase our Asia Pacific exposure by 11 per cent, and 71 per cent of our portfolio will be in Asia Pacific,” she said.

“Asia Pacific is also experiencing a boom in tourism, underpinned by (an) expanding middle class,” she added. “So an enlarged portfolio will actually position us to capture the fastest-growing hospitality market in Asia Pacific driven by business and leisure demands.”

The new entity will also be “well-positioned” to benefit from a strong sponser in CapitaLand and its lodging unit The Ascott, said Mr Chia Kim Huat, lead independent director of the A-HTRUST Managers.

“The combined entity will be CapitaLand’s sole listed hospitality trust platform with an enlarged portfolio and mandate to invest globally,” he said.

The proposed transaction is subject to the approval of Ascott Reit unitholders and A-HTRUST stapled unitholders at their respective extraordinary general meetings and scheme meetings expected to be held by this year.

A-HTRUST comprises Ascendas Hospitality Real Estate Investment Trust (A-HTRUST REIT) and Ascendas Hospitality Business Trust (A-HTRUST BT), and its portfolio is valued at about S$1.8 billion as at Mar 31, 2019.

It is managed by Ascendas Hospitality Fund Management (the manager of A-HTRUST REIT) and Ascendas Hospitality Trust Management (the trustee-manager of A-HTRUST BT), both wholly-owned subsidiaries of CapitaLand.

Ascott Reit is Singapore’s first and largest hospitality real estate investment trust and has an asset value of S$5.7 billion as at Mar 31, 2019.

It is managed by Ascott Residence Trust Management, an indirect wholly-owned subsidiary of CapitaLand.

CapitaLand owns about 45 per cent and 28 per cent of outstanding units in Ascott Reit and A-HTRUST respectively.

After the completion of the proposed combination, CapitaLand expects to have about a 40.2 per cent stake in the combined entity.

The real estate developer announced in February that its full-year net profit jumped 12.3 per cent, coming in at S$1.76 billion last year. This marks its highest net profit since 2008.

Source: CNA – 3 Jul 2019

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Two of the properties are in Handan and Xuzhou – two cities new to Ascott – and the rest in Changsha, Shenzhen, Tianjin and Wuhan.

Citadines Sunhope e-Metro Shenzhen is slated to open this year, while Citadines Qingshan SCPG Centre Wuhan and Tujia Somerset Jundu Tianjin are scheduled to open next year. Ascott Xiangjiang FFC Changsha, Citadines Yunlong Lake Xuzhou and Tujia Somerset Congtai Handan will start operations from 2019.

China is Ascott’s fastest-growing and largest market, said Ascott’s managing director for the country, Tan Tze Shang. Following an investment into Tujia – often referred to as China’s Airbnb – the brand has seen an increase in bookings through Tujia’s website, Mr Tan said.

Ascott launched the Tujia Somerset serviced residence brand in March last year, which has secured 11 properties and 2,000 units, surpassing its 2016 target, Mr Tan added.

The company currently manages more than 17,300 apartments across 27 cities in China and is targeting to manage 20,000 apartments in China by 2020.

Source : Channel NewsAsia – 19 Jan 2017

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In a press release, Ascott said the properties will be designed to facilitate interaction between guests, with communal spaces and co-working areas that can be easily transformed into zones for workshops or social gatherings.

“Each Lyf properly has its own unique personality with fun and quirky design elements”, it said, adding that interactive digital art pieces or giant ball pits may be incorporated “for the kids amongst us”.

Ascott said millennials already form a quarter of its customers and it expects this segment to grow exponentially. Said Ascott’s chief executive officer Lee Chee Koon: “Lyf is a unique accommodation tailored for this demographic, including technopreneurs, start-ups and individuals from music, media and fashion.”

Millennials are defined as those aged 18 to 34, according to Pew research published in 2016. However, Ascott said the brand does not define millennials by age, but as “a social generation who crave discoveries and desire to be part of a community.”

The properties will be managed by “Lyf Guards” – millennials who may be residents themselves, but also perform the role of community manager, city and food guide, as well as bar keeper, explained Ascott.

Ascott said it aims to have 10,000 units under the Lyf brand globally by 2020, adding that it is looking out for sites in Australia, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand and the United Kingdom.

It said the types of accommodation will include studio apartments and twin rooms with a shared kitchen.

Source: Channel NewsAsia – 24 Nov 2016

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According to a press release by Ascott’s parent company CapitaLand on Monday (Jul 13), the fund will have an initial focus on Asia Pacific and Europe regions for a term of 10 years with an investment period of three years. CapitaLand will also target to launch six new funds with total assets under management of up to S$10 billion by 2020.

The property developer said its fund management business will remain important in helping to build scale in key growth areas.

President and Group CEO of CapitaLand Lim Ming Yan said: “If we want to continue to strengthen our presence in key gateway cities, we need more capital partners. We want to continue to invest without having to come back to our stakeholders for more equity all the time. That is why I think fund management business will play an increasingly important role in the overall CapitaLand landscape.

“A lot of this capital would have to go back to integrated development and perhaps some of the bigger shopping mall projects. A typical size would be anywhere between S$1 billion and S$2 billion. So this is the kind of investment where it makes a lot of sense for us to work with capital partners. Especially long-term capital. It is not easy to get investors with long investment horizon.”

The fund will invest in serviced residences or rental housing properties, whether it is in development, redevelopment or acquiring projects for asset enhancement, according to the press release. Ascott will have a first right to manage the properties the fund acquires.

“I do not think there is any predisposition to Asia or Europe,” said Chief Investment Officer at the The Ascott Gerald Yong. “Europe, despite all we know being sluggish or developed economy, actually might be quite opportune for investment.

“There is an undersupply of serviced-apartments in Western Europe countries. In the Pacific Rim on the other hand – while we all know Asia is growing, urbanisation – there are also pockets of oversupply. So both markets have their pros and cons. So we will remain open.”

As for the US, Mr Yong said: “Ascott is not fully operational in the US except for the acquisition by the real estate investment trust (REIT), which is more of an asset manager. I think we are not that ready for the US yet.”

Under the tie-up, Ascott and QIA will each contribute about S$405 million of equity funds to the joint venture.

One market watcher said CapitaLand’s six new funds could enable it to pursue higher yielding projects, and raise overall return on equity.

“If you were to look at the entire spectrum of projects, you have, on one hand, REITs that deliver say 5 to 7 per cent annual return,” said lead analyst at Voyage Research Liu Jinshu. “And there is the other side of the spectrum where the company goes in, develops a property and gets 15 to 30 per cent returns.

“So you have a spectrum of different types of projects, and investments with different rates of returns, and one way to raise overall at the group level return on equity is to allocate more capital or resources towards those higher yielding projects.”

“With Ascott’s newly-set-up global serviced residence fund, CapitaLand now manages 17 real estate private equity funds and five REITs with AUM worth over S$43 billion,” said Mr Lim in the press release.

“This Ascott global serviced residence fund brings us a step closer towards our goal of raising five to six funds with total AUM of S$8 billion to S$10 billion by 2020.”

Ascott currently manages 40,943 serviced residence units globally. It aims to grow this number to about 80,000 by 2020.

Source : Channel NewsAsia – 13 Jul 2015

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Ascott, CapitaLand’s wholly-owned serviced residence business unit, said it will operate its first serviced residence in Taiyuan, the 170-unit Ascott Taiyuan, which is slated to open in 2018. It will also operate the 195-unit Ascott Riverside Garden Beijing and 342-unit Somerset Sunland Shanghai – both slated to open in 2016 – and a property in Dalian which has been rebranded as a 195-unit Somerset Grand Central Dalian.

The four new properties bring the total number of apartment units managed by Ascott to more than 35,000 globally, the company said. In China, Ascott’s portfolio will expand to more than 11,600 apartment units in 64 properties across 21 cities.

Mr Kevin Goh, Ascott’s Managing Director for North Asia, said the company sees “great potential in the China (Shanghai) Pilot Free Trade Zone, where favourable policies have already attracted many multinational companies to establish their presence there”. This will drive demand for accommodation in the area, he said, adding that Ascott plans to have 12,000 apartment units in China by next year.

Source : Channel NewsAsia – 23 Jun 2014

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The CapitaLand unit said on Thursday that the 153-unit Somerset Kabar Aye Yangon, slated to open in early 2018, is part of a mixed-use development that also comprises a luxury condominium.

The serviced residence is a 15-minute drive from downtown Yangon and close to the Shwedagon Pagoda as well as the diplomatic quarters around Inya Lake.

Ascott also announced its third property in Wuhan as well as its first property in Frankfurt on Thursday, which marked the start of its 30th anniversary celebration.

Source : Channel NewsAsia – 13 Mar 2014

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