Ascott Reit forays into development with $62.4m co-living project

They eye to build 324 studio and loft units in lyf one-north.

Ascott Residence Trust (Ascott Reit) acquired a greenfield site for $62.4m to become the firm’s maiden development project. The site will be turned into the first co-living property in one-north at Nepal Hill.

The newly bought site which is eyed to become lyf one-north Singapore lies in the midst of Singapore’s research and innovation business hub which is home to 50,000 professionals working for 400 companies and 800 startups.

“The strong government support and private sector investment in one-north give us further confidence to invest in the site,” Ascott Residence Trust Management Limited (ARTML) chairman Bob Tan said.

Ascott Reit eyes to build about 324 units on the site as it is slated to achieve Temporary Occupation Permit by 2020 and open in 2021. With a 60-year leasehold site, the site was won by Ascott Reit in its bid to JTC Corporation.

lyf one-north Singapore is located next to the one-north MRT station and is a 30-minute ride to the Central Business District (CBD). It is also accessible to key districts through the Ayer Rajah Expressway.

“We expect strong demand for the property, given the thriving innovation ecosystem and the limited lodging supply in the vicinity,” ARTML CEO Beh Siew Kim commented.

The development is set to have a fully-digital customer service and communal amenities such as a lap pool, social kitchen, fitness area, amongst others. With a total gross floor area of over 73,447 sq ftm, lyf one-north Singapore will offer a mix of studio and loft units.