Ascott REIT Aquires Land for Co-Living Property

News about Ascott Residence Trust

Ascott Residence Trust has purchased a 60 year leasehold land plot in Nepal Hill, Singapore, that it plans to develop into a co-living property.

Ascott Reit's bid of S$62.4 million for the site was the highest of the four and nearly S$13 million more than the second-highest bid of S$49.5 million by Ascendas Nepal Hill Property. Its proposal features creative use of communal spaces and comprehensive programmes to promote social bonding, wellness, personal development and business networking.

Ascott Residence Trust
Price1.320 SGD
NAV1.270 SGD
Yield (4 quarters)5.61%
Gearing32.8%