Singapore’s Ascott Residence Trust (Ascott Reit) has acquired a prime greenfield site for S$62.4 million (US$45.6 million) for its maiden development project.
The property is expected to be managed by Ascott, under the co-living brand lyf. Lyf one-north Singapore, offering 324 units, is slated to achieve Temporary Occupation Permit by 2020 and open in 2021.
This will be the first co-living property within Singapore’s research and innovation business hub, one-north. From its location at Nepal Hill, the property will sit amid 400 companies, 800 startups and 50,000 professionals,
The 60-year leasehold site was put up by the JTC Corporation for sale in a two-envelope concept and price tender. Ascott Reit’s concept proposal features the creative use of communal spaces, a holistic design centred on building a vibrant and collaborative community, as well as comprehensive programmes which promote social bonding, wellness, personal development and business networking.