Ascott and C-WELL have teamed up to transform a prime lodging property into lyf Bugis Singapore, marking a significant evolution in Singapore’s hospitality landscape. This joint venture sees both entities holding a 50% stake in the property, heralding a new era of hospitality experience in the heart of the city.
This acquisition by Ascott and C-WELL, a wellness and healthcare-related real estate fund anchored in Southeast Asia, is particularly noteworthy as it represents C-WELL’s first acquisition since its inception in late October 2023. The fund, which is part of CapitaLand Investment (CLI), focuses on investments across Singapore, Thailand, and Malaysia, targeting a fund size of S$1 billion. Its primary investment areas include healthcare, medical, wellness, and preventive care assets, reflecting a growing trend in the real estate sector.
The property in question, a 308-unit establishment located in Singapore’s bustling downtown core district, is conveniently situated within walking distance to both Bugis and Bencoolen MRT train stations. This strategic location positions the property as an ideal destination for both business and leisure travelers. The plan is to upgrade and rebrand this property under Ascott’s lyf brand, which is renowned for its focus on experience-led social living. Despite the extensive renovation, the property will remain operational, with its new identity as lyf Bugis Singapore set to be unveiled in mid-2024.
Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, emphasized the significance of this acquisition. He stated, “As a vertically-integrated global lodging business with a strong foothold in Asia, Ascott leverages a full suite of real estate investment and management capabilities to expand our portfolio and fee income streams. This acquisition aligns with Ascott’s asset-light growth strategy, allowing us to invest alongside our funds while growing a pipeline of quality assets for future fund injections.”
Patricia Goh, Chief Executive Officer, Southeast Asia Investment, CLI, highlighted the potential of the Bugis-Bras Basah precinct to transform into a hub for wellness and corporate healthcare. She noted, “Together with other CLI-managed properties in the precinct, we have the unique opportunity to develop an integrated wellness-hospitality ecosystem, catering to the growing demand for wellness and healthcare-related tourism.”
Lyf Bugis Singapore will focus on health and active wellness, offering amenities such as shared spaces, dining options for social interaction, and fitness facilities. The property will also feature a comprehensive suite of telehealth, telecounselling, and travel security advisory services as part of Ascott CARES, Ascott’s commitment to guest wellness. Plans are underway to partner with healthcare and wellness operators to provide guests with easy access to medical services.
In line with sustainable practices, lyf Bugis Singapore is set to be a green-certified property, incorporating features like a room occupancy detection system and an upgraded cooling system. The property is expected to achieve the Green Mark GoldPLUS certification, reflecting its commitment to environmental sustainability.
The acquisition of lyf Bugis Singapore will expand Ascott’s lyf brand presence in Singapore to four properties, including lyf one-north Singapore, lyf Funan Singapore, and lyf Farrer Park Singapore. This expansion is part of Ascott’s broader strategy to grow its lyf portfolio to 150 properties with over 30,000 units by 2030.
Ascott, a wholly-owned lodging business unit of CLI, is a leading global real estate investment manager with a strong presence in Asia. As of September 30, 2023, CLI managed S$133 billion in real estate assets and S$90 billion in real estate funds. CLI’s commitment to sustainability is evident in its goal to achieve Net Zero carbon emissions for scope 1 and 2 by 2050, underscoring its role as a responsible and forward-thinking company.
