SINGAPORE (April 4): CapitaLand’s wholly-owned serviced residences business unit, The Ascott Limited, is expanding into South America with franchise agreements for two Citadines-branded serviced residences in São Paulo, Brazil.

The 92-unit Citadines VN Jardins São Paulo and 122-unit Citadines VN Faria Lima São Paulo are scheduled to open in 4Q17 and 2020 respectively, both of which will be operated by a local real estate company, Vitacon.

Headquartered in Brazil, Vitacon has launched 40 residential and commercial projects delivering an estimated US$1 billion ($1.4 billion) in sales.

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