BlackRock, Tycoon-Backed YTL set to buy Singapore serviced apartments

BlackRock’s head of Asia-Pacific realty Hamish MacDonald said in an interview last month that it’s focusing on attaining “high-amenity serviced flats” in Singapore, at places that are attractive to tourists, as opposed to smaller units more associated with co-living concepts.

YTL operates resorts in places consisting of Japan’s Niseko, Australia and the Ritz-Carlton in Kuala Lumpur. The developer, founded by the late billionaire Yeoh Tiong Lay, even has attractions in fields including utilities and structure components.

Marina View Residences Singapore

BlackRock Inc. and the hotel unit of Malaysian developer YTL Corp. are arranged to buy a bunch of serviced residences in a top office complex in Singapore’s Central Business Section, according to people knowledgeable about the issue.

BlackRock and CapitaLand Development didn’t quickly answer emailed requests for statement. YTL Hotels declined to comment. A representative for CICT said the trust regularly checks and examines possession programs to make best use of value for unitholders and “there is no assurance of any offers appearing.”

CapitaSpring is run by a shared effort led by CapitaLand Group Pte’s private development arm and CapitaLand Integrated Commercial Trust (CICT). Japan’s Mitsubishi Estate Co. holds a 10% claim.

The establishment is located in CapitaSpring, an office building that was carried out in 2021. The buyers are seeking to repurpose the estate to be more like an accommodation and allow for single-night holds, the people said. Visitors at serviced apartments in Singapore are at the moment needed to reside for at the very least seven days.

The globe’s biggest asset manager is seeking to buy the Citadines Raffles Place for merely under S$ 290 million ($ 223 million), the people said, requesting not to be identified because the conversations are exclusive. YTL Hotels, which operates and deals with resorts for Malaysian mogul Francis Yeoh’s real property group, are going to possess a minority stake in the 299-room property development.

The transaction is going to note an additional purchase for BlackRock in an asset class it has chosen in Singapore. Among one of its account bought an additional serviced apartment complex to the north of the CBD, Citadines Mount Sophia, earlier on this year as item of a joint venture with Hong Kong-based accommodation provider Weave Living.


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