CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott),has opened its first Citadines serviced residence in Osaka, Japan.
Ascott is operating the 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 amidst the buzz of Osaka’s popular entertainment and shopping district, and is surrounded by commercial buildings.
The Citadines serviced residence in Osaka offers 313 units with varied apartment types to cater to guests on short and long stays.
The studio apartment is designed for short-stay travellers while the studio executive apartment with a fully-equipped kitchen is suitable for extended stays. The one-bedroom and two-bedroom apartments are more spacious with separate living rooms, and are ideal for long-stay guests as well as families with children.
READ ALSO : CapitaLand plans to grow its AUM in India to S$7bn by 2024
”With Japan’s thriving economy and inbound travel market, we see great opportunities to expand in the country..”
“With Japan’s thriving economy and inbound travel market, we see great opportunities to expand in the country where we have a strong portfolio of over 5,000 units across more than 30 serviced residences, hotels and rental housing properties in nine cities. 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, including Citadines Namba Osaka,” said Tan Lai Seng, Ascott’s Regional Manager for Japan & Korea.
“Next year, we will open lyf Tenjin Fukuoka, our first coliving 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. We will continue to pursue growth through management contracts, leases, investments and strategic alliances with market leaders in gateway cities such as Tokyo, Osaka, Fukuoka and Yokohama,” he added.