Ascott acquires Funan residence area for $170.3m

$80m of the total fund will go to development of its lyf brand.

Ascott Limited (Ascott) invested $170.3m in the residence area of the Funan integrated development. The transaction was done through the Qatar Investment Authority (QIA).

According to a media release, $90.5m of the fund was used to buy the serviced residence component from Capitaland Mall Trust (CMT). The other $80m was allocated to the development of Ascott’s lyf brand on the site.

The upcoming lyf Funan Singapore covers 121,000 sqft. in gross floor area. It will provide 279 units and offer up to 412 rooms.

The nine-storey building is set to open in 2020.

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