Citadines expands in Japan

SINGAPORE, 21 January 2020: CapitaLand’s wholly-owned lodging business unit, Ascott Limited 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.

Ascott’s regional manager for Japan & Korea, Tan Lai Seng said: “Japan’s thriving economy and inbound travel market (gives us) a strong portfolio of over 5,000 units across more than 30 serviced residences, hotels and rental housing properties in nine cities.

“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.”

Ascott’s first property in Yokohama, another Citadines property, is slated to open in 2023 and the group plans through management contracts, leases, investments and strategic alliances with market leaders in gateway cities such as Tokyo, Osaka, Fukuoka and Yokohama.”

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