CapitaLand's serviced residence business unit, the Ascott on Monday said it secured contracts to manage two properties in the Central Business District (CBD) and near the Ophir-Rochor Corridor.
Both properties will operate under the Citadines brand, Ascott's fastest growing brand in Singapore and globally, the company said in a regulatory filing.
With the addition of serviced residence in Raffles Place and Citadines Rochor Singapore, Citadines will become Singapore's leading serviced residence brand with the most number of units – 989 units across five properties.
The 299-unit Citadines property in Raffles Place and the 320-unit Citadines Rochor Singapore are slated to open in 2021 and 2020, respectively.
Singapore is the world's third most competitive city with the most conducive infrastructure for businesses.
Tourist arrival and spending hit historical high last year, according to the data from Singapore Tourism Board.
Ascott, whose brands include Ascott, Citadines, Somerset and Quest, has added five properties in Singapore in the last five months as the country continues to be a draw for business and leisure travellers.
Through its serviced residence global fund with Qatar Investment Authority, Ascott recently acquired the serviced residence component of the Funan integrated development which will be named lyf Funan Singapore. It will open in 2020, the company said.
Two other properties are targeted to open in 2021, namely Citadines Balestier Singapore and lyf Farrer Park Singapore.
Shares in CapitaLand fell 0.5 percent to S$3.7 on the Singapore Exchange. The stock has gained 23 percent so far this year.
