Ascott, C-WELL acquire Bugis hotel, to relaunch under lyf brand

The planned lyf Bugis Singapore is expected to launch in mid-2024.

Ascott and the CapitaLand Wellness Fund (C-WELL) have jointly acquired a lodging property in the Bugis area for an undisclosed amount, to be relaunched as lyf Bugis Singapore.

Ascott and C-WELL each hold a 50% stake in the property. 

Located in Singapore’s downtown core district, and within walking distance to both Bugis and Bencoolen MRT train stations, the 308-unit property– which is yet undisclosed– will be upgraded and rebranded under Ascott’s award winning lyf.

The property will reportedly remain operational throughout the renovation period and be unveiled as lyf Bugis Singapore in mid-2024.

The upcoming lyf property will reportedly focus on health and active wellness, and is planned to offer a wide range of amenities including shared spaces and dining options that provide opportunities for social interaction, and fitness facilities that enable guests to stay healthy while on the go. In-house wellness activities will also be curated within the property.

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It will also offer a suite of telehealth, telecounselling and travel security advisory services for its guests. Ascott said. 

Partnerships with healthcare and wellness operators are already being planned to offer guests easy access to medical services, Ascott and C-WELL said in a press release.

The lyf Bugis Singapore is set to be a green-certified property. Planned sustainability features include a room occupancy detection system and an upgraded cooling system. 

The property is further expected to obtain the Green Mark GoldPLUS certification from Singapore’s Building & Construction Authority.

This marks C-WELL’s second acquisition, and its first since end-October 2023. C-WELL is CapitaLand Investment (CLI)’s inaugural wellness and healthcare-related real estate fund anchored in Southeast Asia. It has a target fund size of S$1 billion on an upsized option. 

Notably, C-WELL aims to invest single or mixed-used assets that span the healthcare, medical, wellness and preventive care spectrum.