Kyoto will be the second city in Japan after Tokyo to have a Citadines serviced residence.

Citadines Kyoto Gojo, a joint development between Ascott and its long-standing partner, Mitsubishi Estate Co Ltd (MEC), is scheduled to open in the first half of 2010. Ascott will invest about S$20.6 million and take a 40% equity stake in the property, while MEC will hold the remaining 60%. Ascott will also manage the property once it is completed.

Located near the Gojo subway station, which is one stop away from the main Kyoto station for Shinkansen, Citadines Kyoto Gojo enjoys a prime address in Gojo. The 126-unit property is within walking distance to the city’s business district and tourist belt, with key attractions, F&B outlets, shopping malls and supermarkets in the vicinity.

Ascott’s other Citadines property in Japan, Citadines Tokyo Shinjuku, is scheduled to open in the first half of 2009.