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/ Posted on 11 June, 2021 0:01
The pandemic’s work-from-home movement has nudged consumers into the arms of work-friendly hospitality spaces, presenting an unexpected boon to players in the long-stay market. Now, daytime workcation packages have become a life buoy for Asia’s serviced residences, reports Pamela Chow.
While recovery to pre-pandemic occupancy continues to elude the hospitality trade, serviced residences have received an unexpected blessing in disguise. Remote work and telecommuting are driving consumers in search of more conducive places to work that can double up as a vacation opportunity – a demand that has driven long-stay players towards more inventive, daily offerings.
Ascott Residence Trust (ART) has obtained a S$50 million five year green loan from DBS Bank Ltd (DBS), making ART the first hospitality trust in Singapore to secure a green loan. Proceeds from the green loan will be used to finance ART s maiden development project and coliving property, lyf one-north Singapore.