Singapore: The Ascott Limited (Ascott), a lodging business unit owned by CapitaLand Investment (CLI) and CapitaLand Wellness Fund (C-WELL), have jointly acquired a freehold property in Singapore to be relaunched under the lyf brand.
C-WELL is CLI’s wellness and healthcare-related real estate fund that will focus initially on Singapore, Thailand and Malaysia. It has a target fund size of $1 billion on an upsized option, investing in single or mixed-use assets spanning healthcare, wellness, and preventative care.
lyf Bugis Singapore will focus on health and active wellness, offering a range of amenities including shared spaces, dining options and fitness facilities. Telehealth, telecounselling and travel security advisory services will be available to guests at lyf Bugis Singapore as part of Ascott CARES commitment, and partnerships with healthcare and wellness operators are also planned to offer guests access to medical service.
The 308-unit property is also set to be green-certified and will include sustainability features such as a room occupancy detection system and an upgraded cooling system. lyf Bugis Singapore is expected to obtain the Green Mark Gold Plus certification from Singapore’s Building & Construction Authority.
It will remain operational throughout the renovation period and will launch under lyf in mid-2024.
Kevin Goh, CEO for Ascott and CLI Lodging, said: “As a vertically-integrated global lodging business with a strong foothold in Asia, Ascott is able to leverage our full suite of real estate investment and management capabilities to grow our portfolio and expand our fee income streams. The acquisition is aligned with Ascott’s asset-light growth strategy, as we invest alongside our funds while growing a pipeline of quality assets that can be subsequently injected into our other funds.
“Tapping on our strong deal-sourcing abilities, we have added a strategically located freehold asset to our portfolio in our home ground of Singapore. With the rebranding of the property under the lyf brand coupled with Ascott’s award-winning operational expertise, lyf Bugis Singapore is well-positioned to capture travel demand while uplifting the value of the asset,” Goh added.
Patricia Goh, CEO, Southeast Asia investment, CLI, said: “C-WELL focuses on investments with a healthcare and wellness-related angle and we are actively seeking quality opportunities that contribute to our scale, synergy, and sustainable growth in Southeast Asia.
“The Bugis-Bras Basah precinct, with its diverse mix of retail, workspaces, residential and medical facilities, has the potential to be transformed into a thriving hub for wellness and corporate healthcare, attracting both local and international visitors. Together with the other CLI-managed properties in the precinct, we now have the unique opportunity to develop an integrated wellness-hospitality ecosystem that meets the growing demand for wellness and healthcare-related tourism. We look forward to working with Ascott to create a lodging property that caters to the needs of next-generation travellers who place a growing emphasis on the importance of wellness.”
