SINGAPORE – A partnership between a major Japanese department store and the Ascott Ltd, CapitaLand’s wholly owned lodging business unit, is set to deliver a new serviced apartment to Osaka.
Ascott is operating the Citadines property through a master lease agreement with Toshin Development Company Ltd, a subsidiary of Takashimaya Group, a leading department store business in Asia.
Located near the Namba Station, Citadines Namba Osaka is handy for the popular entertainment, shopping and commercial district.
Tan Lai Seng, Ascott’s regional manager for Japan & Korea, said Japan’s thriving economy and inbound travel market offered extensive opportunities for expansion.
Ascott has a portfolio of more than 5,000 units across more than 30 serviced residences, hotels and rental housing properties in nine cities in Japan.
“Our properties have been performing well at an occupancy rate of 80% to 90%. Upcoming major events such as the Tokyo Olympics and Paralympics, and Osaka-Kansai World Expo are expected to boost demand for our lodging properties,” Mr Tan added.
“Next year, we will open lyf Tenjin Fukuoka, our first co-living property in Japan under our lyf brand catered for the millennials and millennial-minded.”
Ascott’s first property in Yokohama, another Citadines property, is slated to open in 2023.