Ascott to manage first property in Myanmar

Singapore serviced residence operator Ascott has secured a contract to manage its first property in Myanmar.

The CapitaLand unit said on Thursday that the 153-unit Somerset Kabar Aye Yangon, slated to open in early 2018, is part of a mixed-use development that also comprises a luxury condominium.

The serviced residence is a 15-minute drive from downtown Yangon and close to the Shwedagon Pagoda as well as the diplomatic quarters around Inya Lake.

Ascott also announced its third property in Wuhan as well as its first property in Frankfurt on Thursday, which marked the start of its 30th anniversary celebration.

Source : Channel NewsAsia – 13 Mar 2014