Ascott Limited, a subsidiary of CapitaLand, has expanded into South America with franchise agreements for two serviced residences in São Paulo, Brazil. Vitacon, a real estate company in São Paulo, will franchise and operate the 92-unit Citadines VN Jardins São Paulo and 122-unit Citadines VN Faria Lima São Paulo.

The two serviced residences are scheduled to open in the last quarter of this year and 2020 respectively. Ascott and Vitacon have also signed an agreement with an intent to establish a portfolio of at least 5,000 Citadines-branded units in São Paulo.

Photo courtesy of Citadines.