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 yield1 on a FY 2025 pro forma basis, with proceeds from its divestment of The Robertson House by The Crest Collection (TRH)2 in Singapore. This entry yield is 180 basis points higher than the 2.3% exit EBITDA yield of TRH.

The acquisition is expected to increase CLAS’ pro forma Distribution per Stapled Security (DPS) by 2.4%3, and will begin contributing to CLAS’ distribution income immediately upon completion. Following the close of the transaction, which is expected to take place in 4Q 20264, CLAS will enter into a 10-year triple-net master lease5 with Coliwoo Midtown Pte. Ltd. The lease offers fixed rent with annual rent indexation6, providing CLAS with stable income.  

Coliwoo Midtown Deluxe
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. | Image credit: CapitaLand Ascott Trust

Ms Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd., said: “This yield-accretive acquisition demonstrates strong execution of CLAS’ portfolio reconstitution strategy and commitment to deliver stable DPS. We will be recycling capital from the divestment of TRH into a higher-yielding asset, while increasing our resilient living sector portfolio to 19.5% of CLAS’ total portfolio value. This will bring us closer to our medium-term target asset allocation of 25% to 30% in the living sector, with the remaining in hospitality assets.”

“Coliwoo Midtown is a newly refurbished asset in a prime area of Singapore. Supported by the country’s strong education ecosystem, foreign talent inflows and demand from professionals, the property is well-placed to benefit from favourable long-term demand fundamentals. The opportunity to extend the remaining leasehold of 51 years to a fresh 99-year tenure7 further enhances its long-term value,” added Ms Teo. 

Notes:

  1. Refers to earnings before interest, taxes, depreciation, amortisation (EBITDA) on agreed property value. 
  2. As announced on 29 May 2026, and completed on 30 July 2026. 
  3. 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).
  4. Subject to the fulfilment of conditions precedent, including the seller obtaining approval from its shareholders.
  5. With the option to renew the lease for another 10 years upon mutual agreement.
  6. From the second anniversary of the commencement date.
  7. Subject to authorities’ approval.

For more, please read: https://bit.ly/CLASColiwooMidtown