ASAP Member Ascott is investing S$192 million (A$202.2 million) in a freehold serviced residence in the CBD of North Sydney, to be named Citadines Walker North Sydney.

It is part of a 48-storey integrated development which includes office and retail components, and which will be the tallest tower in North Sydney upon its completion in 2021.

Ascott has also signed 13 other properties under franchise and management contracts across China, France, Indonesia, Kenya and Vietnam, taking the company to S$10 billion in asset value.

Pictured: Grand opening of La Clef Champs-Élysées Paris

(From left to right) Mr Alfred Leung, CEO of Imperial Treasure Restaurant Group; Mr Kevin Goh, Ascott’s CEO; Mr Zainal Arif Mantaha, Singapore Ambassador to France; Dato Dr Azfar Mohamad Mustafar, Ambassador of Malaysia to France; Mr Lee Ngor Houai, Ascott’s Managing Director for Europe; and Ms Caroline Leboucher, CEO of Atout France, gracing the grand opening ceremony of Ascott’s La Clef Champs-Élysées Paris. The five-star property is the third under The Crest Collection, which comprises some of Ascott’s most prestigious and unique luxury serviced residences.

News release – Ascott acquires S$192-million freehold property in Sydney through global fund with QIA