SINGAPORE (Jan 20): The Ascott Limited, CapitaLand’s wholly-owned lodging business unit, is expanding its presence in Japan with the opening of its first Citadines serviced residence in Osaka.
Ascott is operating the property through a master lease agreement with Toshin Development Company, a subsidiary of departmental store giant Takashimaya Group.
The Citadines in Osaka is located near the Namba Station. It is part of the Takashimaya Higashi Annex, an integrated development which also comprises offices, shops and Takashimaya Historical Museum.
The Citadines serviced residence offers 313 units with varied apartment types. The serviced apartment also has facilities such as restaurants, gymnasium, meeting rooms, launderette, children’s playroom as well as a residents’ lounge with a kitchen.
Besides Citadines Namba Osaka, Ascott also operates seven other serviced residences in Japan. They are Ascott Marunouchi Tokyo, Somerset Azabu East Tokyo, Somerset Ginza East Tokyo, Somerset Shinagawa Tokyo, Citadines Central Shinjuku Tokyo, Citadines Karasuma-Gojo Kyoto and Citadines Shinjuku Tokyo.
Currently, Ascott has over 5,000 units in Japan across more than 30 serviced residences, hotels and rental housing properties in nine cities. The group’s properties have been performing at an occupancy rate of 80% to 90%. The company expects the upcoming Tokyo Olympics and Paralympics, and Osaka-Kansai World Expo to boost demand.
Tan Lai Seng, Ascott’s Regional Manager for Japan & Korea says, “Next year, we will open lyf Tenjin Fukuoka, our first coliving property in Japan under our lyf brand catered for the millennials and millennial-minded. Ascott’s first property in Yokohama, another Citadines property, is slated to open in 2023. We will continue to pursue growth through management contracts, leases, investments and strategic alliances with market leaders in gateway cities such as Tokyo, Osaka, Fukuoka and Yokohama.”
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