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.