Singapore Exchange-listed CapitaLand Ascott Trust (CLAS) has acquired three freehold rental housing properties in Southern Kanagawa, Greater Tokyo, Japan, for JPY4.6 billion ($37.7 million). According to a Feb 23 release, the properties were purchased from Singapore-based real estate and private equity investment manager, Patience Capital Group.

The properties are located along the coastline of Sagami Bay, and have an average occupancy of 95%, alongside average lease terms of approximately two years.

The biggest of the three properties, Lime Residence Hiratsuka West, comprises 115 units spread across 11 floors and was completed in 2023. The 10-storey Lime Residence Hiratsuka East was completed in 2022 and has 63 units. Meanwhile, the 10-storey Live Casa Hiratsuka was completed two years ago and consists of 55 units.

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The assets are all well-connected to major transportation nodes, with the nearest train station within walking distance. Central Tokyo is accessible via a one-hour train ride, while amenities are a 10- to 20-minute drive away.

Serene Teo, CEO of CLAS’s managers, says the acquisition is in line with its strategy to strengthen CLAS’s presence in key markets while building a resilient portfolio anchored by stable and recurring income streams. “The three properties will benefit from strong corporate demand from nearby industrial areas and offer an idyllic coastal lifestyle that appeals to working professionals,” she adds.

Following the acquisition, 17.5% of CLAS’s portfolio value is now made up of living assets, with hospitality assets accounting for the remainder. CLAS says it remains on track to achieve its medium-term portfolio allocation target of 25% to 30% for the living sector.

Meanwhile, the company continues to optimise its portfolio in Japan through active portfolio reconstitution. Last year, the firm acquired two hotels — ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae — and three rental housing properties in Kyoto and Osaka. In October 2025, it sold Citadines Central Shinjuku Tokyo for JPY25 billion, unlocking a net gain after tax of $47.2 million.

With this latest acquisition, CLAS has 35 properties in Japan, comprising a serviced residence, a student accommodation property, 29 rental housing properties and four hotels.