The Ascott Group plans to pay $79.3 million for an upcoming serviced residence in Wilkie Edge, a mixed development with offices, shops and eateries. Ms Jennie Chua’s first acquisition since becoming Ascott’s president and chief executive this month, the 99-year leasehold interest will be purchased from CapitaCommercial Trust and will open in 2009 as Citadines Singapore Mount Sophia, the first foray here by Citadines, a European value-for-money brand. — CHRISTIE LOH
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