CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott), is expanding its presence in Japan with the opening of its first Citadines serviced residence in Osaka.
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.
Mr Tan Lai Seng, Ascott’s Regional Manager for Japan & Korea, said: “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.”
“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.”
Mr Tan said: “We are honoured to partner with Takashimaya, one of Asia’s most distinguished names in the department store business, to manage its first serviced residence. Since Ascott’s entry into Japan 17 years ago, we have built an established reputation with our Ascott, Somerset and Citadines brands and we will continue to strengthen our position with our new lyf brand. Given Ascott’s strong hospitality management expertise and global sales and distribution network, we are confident that Citadines Namba Osaka will be a success. We look forward to more opportunities to collaborate with Takashimaya in Japan and beyond.”
