Both properties will operate under the Citadines brand, Ascott's fastest growing brand in Singapore and globally. The Citadines serviced residence in Raffles Place and Citadines Rochor Singapore, which will offer a total of over 600 units, are Ascott's two largest properties in the country.

The 299-unit Citadines property in Raffles Place and the 320-unit Citadines Rochor Singapore are scheduled to open in 2021 and 2020 respectively.

Ervin Yeo, Ascott's regional general manager for Singapore and Malaysia, said: "We see strong potential for Ascott to expand in Singapore as the government is ramping up efforts to attract multinational companies and innovative startups as part of its drive to shape Singapore's future economy. Our quality Citadines property in Raffles Place is part of a future landmark integrated development, which will also comprise a premium Grade A office tower that is on par with the tallest buildings in Raffles Place. It will be designed to appeal to the professionals working in the heart of Singapore's financial hub, that is home to top multinational corporations and a wide array of entertainment and dining outlets."

"We also see opportunities to cater to the new catchment of working professionals with Singapore's push for decentralisation of offices to new commercial hubs beyond the CBD. Citadines Rochor Singapore enjoys a prime location close to the Ophir-Rochor Corridor and Beach Road area - emerging commercial hubs with large-scale integrated developments, offices, as well as recreational and cultural attractions. Adding our two biggest properties in Singapore will enable us to cater to the expected growing demand for accommodation."

Click here to read an in-depth interview with Kevin Goh, who takes over as Ascott CEO in 2018.