- CapitaLand Ascott Trust is acquiring the 329-room lyf Funan from JV between sponsor The Ascott Limited (50%) and Qatar Investment Authority (50%) for S$263m.
lyf Funan
- - Read this at SGinvestors.io -
- lyf Funan is located within the Civic District with many landmarks, such as the Supreme Court, City Hall (National Gallery), Parliament House, Merlion and Padang. It is linked to City Hall MRT Station via an underpass.
Value creation from asset recycling.
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- The valuation of lyf Funan at S$799,000 per key is also more attractive than Citadines Mount Sophia’s S$961,000 per key.
Scaling up in home base Singapore.
- lyf Funan has outperformed comparable properties in its sub-market by achieving occupancy of more than 80% in 1H24. Its average daily rate is above S$200. CapitaLand Ascott Trust’s exposure to Singapore is expected to jump from 16% to 19% of total assets after the acquisition. RevPAR for hotels in Singapore exceeded pre-pandemic levels by 16% in 2023 and increased 3.4% y-o-y in 8M24.
lyf Funan is part of integrated development Funan.
- Read more at SGinvestors.io.
