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CapitaLand's The Ascott plans S$170.3M investment for new lyf

The Ascott Ltd., CapitaLand Ltd.'s serviced residence arm, is looking to splash a total S$170.3 million to develop what would be the Singapore flagship of its lyf brand.

From the S$170.3 million, to be sourced from The Ascott's global fund with Qatar Investment Authority, S$90.5 million will be used to acquire the project's site from CapitaLand Mall Trust while the remaining nearly S$80 million will cover the development cost.

The co-living property scheduled to open in 2020 will stand nine stories tall to offer roughly 121,000 square feet of gross floor area and feature 279 units that can offer up to 412 rooms.

Upon completion, the serviced residence component of the wider integrated Funan development in Singapore's Civic & Cultural District will be renamed lyf Funan Singapore. Aside from the lyf building, the Funan project will also comprise a mall and two office towers.

The Ascott earlier said that by 2021, it will launch another lyf-branded property in Singapore's central region.

As of Aug. 3, US$ 1 was equivalent to S$1.36.