THE Ascott Group has splashed out $79.3 million on a 99-year leasehold service residence in Wilkie Road.Asia's largest service-residence operator acquired the 154-unit development from Capita- Commercial Trust and CapitaLand Selegie.
The two companies - both, like Ascott, are owned by property giant CapitaLand - are developing Wilkie Edge, a sprawling lifestyle project comprising offices, retail, food and beverage outlets.
The new Ascott acquisition - to be called Citadines Singapore Mount Sophia - will be the residential component at Wilkie Edge. It will take in its first guests in the first half of 2009.
The Citadines brand is one of three chains which Ascott operates. It differs from the other two - Ascott and Somerset - in that it caters to the 'young and trendy', said the company.
Ascott expects the Wilkie Edge development - which will be Citadines' first in Singapore - to appeal to such a market, including academics, foreign students and expatriates working in the creative services industries.
Ascott has 15 Citadines residences across Asia, including those in Xian, Shanghai and Bangkok.
There are 44 Citadines developments in Europe, where the chain first started.
Ascott acquired the Citadines brand from its European operator in 2004 and expanded the brand to Asia.
Citadines Mount Sophia will be Ascott's seventh service residence in Singapore. The group has an 'Ascott' development in Raffles Place due to open next year and five Somerset developments around the island.
The acquisition is subject to approval from Ascott's shareholders and those from other authorities
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