The Ascott, CapitaLand Investment’s (CLI) wholly owned lodging business device, is acquiring serviced home provider Oakwood Worldwide, from Mapletree Investments.
Both CLI as well as Mapletree Investments share the same utmost parent entity in the form of Temasek Holdings. The proposed transaction quantity wasn’t revealed in the announcement out today.
The Town Centre of Tengah Will Be Car-Free, With a Park in the Middle and Dedicated Cycling and Walking Paths
The Copen Grand EC is a green and sustainable district with a number of parks that will promote active living. There will be plenty of space for residents to exercise, play, and relax, and it will be accessible to public transport. There is even free parking available, which makes it ideal for people who drive. In addition to these benefits, the Copen Grand EC is a great place for young professionals to work and live.
The town centre of Tengah will be car-free, with a park in the middle and dedicated cycling and walking paths. The new HDB town centre will also feature a pedestrian-friendly environment with dedicated walking and cycling paths on both sides of the road. Moreover, residents will have easy access to public transport, such as buses, MRT, and bus stops. Furthermore, the town centre will have a vibrant, green environment, making it perfect for a variety of social activities and events.
Located in the Western part of Singapore, Tengah is bounded by the Pan-Island Expressway, the Kranji Expressway, Brickland Road, and Bukit Batok Road. It is one of the most accessible places in Singapore and is expected to be finished by Q3 2022. Its smart features will make it the ultimate smart town in Singapore. The new town will also be accessible to residents of Jurong Innovation District, Jurong Lake District, and the rest of Singapore.
The procurement, according to The Ascott, will enhance its international profile by 81 residential or commercial properties and also around 15,000 units. Oakwood’s around 8,500 operational devices are seen to contribute to Ascott’s recurring cost income streams upon completion of the transaction, which is slated in 3Q 2022.
The acquisition will certainly increase Ascott’s international presence to greater than 150,000 devices in regarding 900 buildings throughout over 200 cities in 39 countries, including brand-new markets such as Cheongju in South Korea; Zhangjiakou and also Qingdao in China; Dhaka in Bangladesh as well as Washington D.C.
With this purchase, Ascott is “well in advance” to accomplish or authorize 160,000 devices globally by 2023.
Kevin Goh, CLI’s CEO for its accommodations services, explains the procurement as part of Ascott’s roadmap to play a larger duty in this market. “There are substantial harmonies between Ascott as well as Oakwood, provided our corresponding footprint and also product offerings,” he includes.
CLI plans to maintain the Oakwood brand. Besides Ascott’s own brand, it runs its company by means of other brand names such as Citadines, Quest as well as lyf.
“Besides critical alignment, this procurement is also remarkable to Ascott commercially.
Goh states that the purchase will increase the growth of CLI’s asset-light company, with added repeating charge income streams, broadened lodging offerings as well as boosted consumer base.