Ascott REIT to sell interest in Singapore serviced residence

George Sell George Sell Uploaded 02 December 2019

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Singapore: A redevelopment of Liang Court in Singapore will see Ascott Reit sell part of its interest in Somerset Liang Court Singapore to developer CDL.

City Developments Limited (CDL), CapitaLand Limited (CapitaLand), and Ascott Residence Trust (Ascott REIT) have teamed up to rebuild the Liang Court site into an integrated development of 700 residential apartments.

The proposed mixed-use development has a total gross floor area (GFA) of 100,263 square metres and will comprise two residential towers offering around 700 apartment units, a commercial component, a hotel and a serviced residence.

Upon completion, the 50:50 CDL-CapitaLand joint venture will own the residential and commercial components whilst the 192-unit serviced residence with a hotel licence will go under the ownership of Ascott Reit.

The 460 room hotel will be operated under Marriott’s Moxy brand while the serviced residence will retain its Somerset branding.

The project will be developed in phases, with completion by 2024.

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