The Ascott Limited has joined forces with CapitaLand Wellness Fund (C-WELL) to acquire a prime freehold lodging property in Singapore. Each holding a 50% stake in the property, Ascott and C-WELL mark a significant partnership that aligns with C-WELL’s strategic focus on wellness-related real estate investments.
C-WELL’s Debut Acquisition and Strategic Wellness Focus
This acquisition marks the maiden investment for C-WELL since its announcement in late October 2023. Positioned as CapitaLand Investment’s inaugural wellness and healthcare-focused real estate fund in Southeast Asia, C-WELL aims to target Singapore, Thailand, and Malaysia initially. With a target fund size of S$1 billion, the value-add fund is poised to invest in single or mixed-use assets spanning the healthcare, medical, wellness, and preventive care spectrum.
Prime Location and Ambitious Renovation Plans
Situated in Singapore’s bustling downtown core, the 308-unit property is strategically located within walking distance to Bugis and Bencoolen MRT train stations. Ascott and C-WELL plan to upgrade and rebrand the property under Ascott’s acclaimed lyf brand, known for its unique focus on experience-led social living. The property will continue its operations during the renovation phase and is set to be unveiled as “lyf Bugis Singapore” in mid-2024.
A Holistic Approach to Wellness
lyf Bugis Singapore will distinguish itself by focusing on health and active wellness. The property will offer an array of amenities, including shared spaces, dining options fostering social interaction, and fitness facilities to keep guests healthy on the go. In-house wellness activities, curated by the property’s “Ambassador of Buzz,” aim to encourage meaningful guest engagement and mindfulness. As part of Ascott CARES commitment to guest wellness, lyf Bugis Singapore will provide comprehensive telehealth, telecounseling, and travel security advisory services. Partnerships with healthcare and wellness operators are also in the pipeline to offer easy access to medical services.
Sustainability and Green Certification
Setting itself apart as a green-certified property, lyf Bugis Singapore will feature sustainability elements such as a room occupancy detection system and an upgraded cooling system. The property is expected to obtain the Green Mark GoldPLUS certification from Singapore’s Building & Construction Authority.
Expanding the Award-Winning lyf Brand
The addition of lyf Bugis Singapore expands Ascott’s lyf brand presence in Singapore to four properties, including the acclaimed lyf one-north Singapore, lyf Funan Singapore, and lyf Farrer Park Singapore. This acquisition also boosts Ascott’s Singapore portfolio to over 4,700 units across 25 properties. Globally, lyf is present in 21 cities, with over 5,500 units operating and in the pipeline. Ascott’s ambitious goal is to grow the lyf portfolio to 150 properties with over 30,000 units by the year 2030.
This strategic collaboration between Ascott and C-WELL marks a pivotal moment in enhancing social living experiences, wellness, and sustainability in Singapore’s bustling cityscape.
