Property developer Ascott, a wholly-owned unit of CapitaLand, has invested nearly A$168 million to develop its first Citadines serviced residence in Melbourne, Australia.
The new Citadines Melbourne on Bourke, comprises 380 residential units. It will be Ascott’s largest Citadines-branded serviced residence in its global network.
The Citadines Melbourne’s launch strengthens the company’s foothold in Australia.
Currently, the company has 884 apartment units in eight properties across four cities in Australia.