CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has expanded its presence in Australia with the opening of its first Citadines serviced residence in Melbourne, Victoria. Ascott has invested AUD168 million to develop the new 380-unit Citadines Melbourne on Bourke which is now the company’s largest Citadines-branded serviced residence in its global network.

To date, Ascott has a total of 884 apartment units in eight properties across four cities in Australia.

Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said, “We see tremendous potential in bringing Citadines to Melbourne. The Victorian Government continues to attract business and leisure travellers with its strong sports, arts and event strategies. This will create significant demand for our serviced residences. Citadines offers savvy travellers flexible services to suit their lifestyles. It will complement our existing Somerset properties and enable us to better cater to travellers’ different lifestyle needs. To extend our footprint in Australia, we will also continue to seek opportunities in other key cities including Adelaide, Brisbane and Perth.”

Located in the heart of the Central Business District at 131-135 Bourke Street, Citadines Melbourne on Bourke is well served by public transport and within walking distance to restaurants, cafés, cinemas, high-end shopping as well as parks and gardens. The property is also at the midpoint of Melbourne’s renowned theatre district and close to major office towers.