– **_4.1% acquisition yield exceeds 2.3% exit yield from the divestment of The Robertson House by The Crest Collection_**
– **_Proposed acquisition with triple-net master lease expected to deliver 2.4% accretion to Distribution per Stapled Security_**
— CapitaLand Ascott Trust (CLAS) has entered into an agreement to acquire Coliwoo Midtown in Singapore at an agreed property value of S$134.0 million. Advancing its portfolio reconstitution strategy, CLAS is acquiring the prime asset at a 4.1% EBITDA yield on a FY 2025 pro forma basis, with proceeds from its divestment of The Robertson House by The Crest Collection (TRH) in Singapore. This entry yield is 180 basis points higher than the 2.3% exit EBITDA yield of TRH.
CapitaLand Ascott Trust is advancing its portfolio reconstitution strategy through the proposed acquisition of Coliwoo Midtown (pictured) at a 4.1% EBITDA yield, higher than the 2.3% exit EBITDA yield from the divestment of The Robertson House by The Crest Collection.
The acquisition is expected to increase CLAS’ pro forma Distribution per Stapled Security (DPS) by 2.4%, and will begin contributing to CLAS’ distribution income immediately upon completion. Following the close of the transaction, CLAS will enter into a 10‑year triple‑net master lease with Coliwoo Midtown Pte. Ltd., offering fixed rent with annual rent indexation and providing CLAS with stable income.
This yield‑accretive acquisition demonstrates execution of CLAS’ portfolio reconstitution strategy and commitment to deliver stable DPS. Capital recycled from the divestment of TRH will be deployed into a higher‑yielding asset while increasing the living sector allocation to 19.5% of CLAS’ total portfolio value — moving closer to the medium‑term target asset allocation of 25%–30% for the living sector.
Ms Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd.
Newly renovated asset with strong long-term demand
Located at 141 Middle Road in the Bugis‑Bras Basah precinct — a business, education and lifestyle hub — Coliwoo Midtown caters to corporate professionals, expatriates, international students and locals. Reopened in March 2026 following a major refurbishment, the property comprises six storeys with 212 rooms across eight types (two‑ to five‑bedroom units) and amenities including a gym, two cafes, a coworking lounge, ice bath and sauna facilities. The property recorded an average occupancy rate of close to 90% in July 2026, about four months after its opening; upon stabilisation, average length of stay is expected to be six to nine months.
There is also an opportunity to top up the remaining leasehold of 51 years to a fresh 99‑year tenure (subject to authorities’ approval), supporting long‑term valuation and strengthening income resilience.
Newly refurbished and reopened in March 2026, Coliwoo Midtown is well‑positioned to capture long‑term accommodation demand. Located in the Bugis‑Bras Basah precinct, the property has achieved an average occupancy rate of close to 90% in July 2026.
Enhancing CLAS’ portfolio in Singapore
Following the acquisition, CLAS will have five properties in Singapore, increasing the portfolio value in the country from 15.4% to 17.0% (excluding TRH). Other operational properties include Ascott Orchard Singapore, lyf one‑north Singapore and lyf Funan Singapore. The fifth property, Somerset Clarke Quay Singapore (formerly Somerset Liang Court), is under redevelopment and is on track for completion in 2026, expected to contribute income from early 2027.
CLAS remains geographically diversified, with each key market accounting for less than 20% of total assets.
Pipeline and AEIs
In addition to the Somerset Clarke Quay redevelopment, CLAS has three properties undergoing asset enhancement initiatives (AEIs) in 2026–2027: Citadines Place d’Italie Paris (France), The Cavendish London (UK) and Sotetsu Grand Fresa Osaka‑Namba (Japan). The AEIs aim to enhance positioning, capture lodging demand and uplift asset values.
Notes
Refers to earnings before interest, taxes, depreciation, amortisation (EBITDA) on agreed property value.
As announced on 29 May 2026, and completed on 30 July 2026.
Computed based on pro forma FY 2025 DPS (adjusted for the divestment of TRH and the acquisition of Coliwoo Midtown) divided by pro forma FY 2025 DPS (adjusted for the divestment of TRH only).
Subject to the fulfilment of conditions precedent, including the seller obtaining approval from its shareholders.
With the option to renew the lease for another 10 years upon mutual agreement.
From the second anniversary of the commencement date.
Subject to authorities’ approval.
Source: Knight Frank – “From Niche to Core: Why Asia‑Pacific Living Sectors are Entering the Mainstream”, July 2026.
As at 30 June 2026, excluding TRH.
Formerly Somerset Liang Court Singapore.
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