Ascott to launch 118-unit property in Dubai

CapitaLand’s wholly-owned serviced residence business unit The Ascott is launching its first Ascott-branded property in Dubai.

Ascott said it was bringing its brand to the United Arab Emirates through a management contract for the 118-unit Ascott Park Place Dubai.

The asset is located in the prime commercial area of the city on Sheikh Zayed Road.

Ascott will operate the property from October 1 this year and rebrand it as Ascott Park Place Dubai by the end of 2010, upon completion of upgrading works.

The serviced residence occupies 15 floors of the 56-storey Park Place Tower, a high-end mixed use development that also comprises Grade A offices

With the latest addition, Ascott has a total of 636 apartment units in four serviced residences across three cities in the Gulf region.

It currently also operates the 118-unit Somerset Al Fateh in Manama, Bahrain, and the 200-unit Somerset West Bay in Doha, Qatar.

Ascott also has plans for a 200-unit Ascott Bahrain at Raffles City Bahrain.

Source : Channel NewsAsia – 29 Sep 2010