Advertisement
Singapore markets close in 24 minutes

  • Straits Times Index

    3,408.01
    +40.11 (+1.19%)
     

  • Nikkei

    40,580.76
    +506.07 (+1.26%)
     

  • Hang Seng

    17,978.57
    +209.43 (+1.18%)
     

  • FTSE 100

    8,148.04
    +26.84 (+0.33%)
     

  • Bitcoin USD

    60,764.46
    -1,853.68 (-2.96%)
     

  • CMC Crypto 200

    1,310.04
    -24.88 (-1.86%)
     

  • S&P 500

    5,509.01
    +33.92 (+0.62%)
     

  • Dow

    39,331.85
    +162.33 (+0.41%)
     

  • Nasdaq

    18,028.76
    +149.46 (+0.84%)
     

  • Gold

    2,355.60
    +22.20 (+0.95%)
     

  • Crude Oil

    82.97
    +0.16 (+0.19%)
     

  • 10-Yr Bond

    4.4360
    -0.0430 (-0.96%)
     

  • FTSE Bursa Malaysia

    1,612.44
    +14.48 (+0.91%)
     

  • Jakarta Composite Index

    7,164.51
    +39.37 (+0.55%)
     

  • PSE Index

    6,450.03
    +91.07 (+1.43%)
     

The Ascott Ltd and CLI fund C-WELL acquire Hotel G for $238 million

The Edge Singapore
·2-min read


Ascott and CLI fund C-WELL acquire Hotel G, to be converted to lyf Bugis. (Picture: Ascott)

The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment (CLI) and CapitaLand Wellness Fund (C-WELL), have jointly acquired a freehold lodging property, Hotel G, in Singapore.  Ascott and C-WELL each holds a 50% stake in the lodging property.

Located in Singapore’s downtown core district within walking distance to both Bugis and Bencoolen MRT train stations, the 308-unit Hotel G will be upgraded and rebranded under Ascott’s award-winning lyf (pronounced ‘life’) brand as demand for experience-led social living grows. Separately, Mingtiandi reported that Gaw Capital divested Hotel G for US$180 million ($238 million). The property will remain operational throughout the renovation period and be unveiled as lyf Bugis Singapore in mid-2024.

ADVERTISEMENT

This is C-WELL’s first acquisition since announcing its first close in end-October 2023.  C-WELL is CLI’s inaugural wellness and healthcare-related real estate fund anchored in Southeast Asia.  The value-add fund will focus initially on Singapore, Thailand and Malaysia.  With a target fund size of $1 billion on an upsized option, C-WELL will invest in single or mixed-used assets that span the healthcare, medical, wellness and preventive care spectrum.

Read also: Live, work and thrive at lyf's properties

“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,” Kevin Goh, CEO of Ascott and CLI Lodging, says in a statement.

Adds Patricia Goh, CEO, Southeast Asia Investment CLI: “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."

This article first appeared on The Edge Singapore.

See Also: