Ascott Residence Trust, also known as Ascott Reit, announced on Monday (July 7) that it has entered into conditional agreements to acquire its first serviced residence in Kuala Lumpur, Malaysia, as well as properties in Wuhan and Xi’an in China at a total property value of S$173.9 million. Ascott Reit will acquire the 207-unit Somerset Ampang Kuala Lumpur from The Ascott Ltd for RM175 million (S$67.4...
Service Apartment
Serviced residence operator Ascott has secured another four management agreements in China, the company said on Monday (June 23). Ascott, CapitaLand’s wholly-owned serviced residence business unit, said it will operate its first serviced residence in Taiyuan, the 170-unit Ascott Taiyuan, which is slated to open in 2018. It will also operate the 195-unit Ascott Riverside Garden Beijing and 342-unit...
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...
The rapid transformation of the political environment in Myanmar has spurred an even more rapid surge in economic activity and the serviced apartment sector will continue to benefit from the influx of new businesses because of a scarcity of quality housing for expatriate businessman and professionals. According to the Asian Development Bank (ADB), Myanmar’s economy grew by 6.3 per cent last year,...
Frasers Hospitality, the serviced apartment arm of the Fraser and Neave group, wants to expand in Singapore but may be put off by high land prices and construction costs. Its Chief Executive, Mr Choe Peng Sum, said: “We think there is scope for at least another Frasers property here, but we are a bit concerned about the high building and land costs here. Just a couple of years ago, it used to S$700 per...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, is strengthening its market presence in China. In a filing to the Singapore Exchange, the firm said it has secured contracts to manage three properties with more than 500 apartment units in China. The 90-unit Ascott Heng Shan Shanghai is scheduled to open in 2014. Meanwhile, two serviced apartments in Suzhou - the 250-unit Ascott...
Frasers Hospitality has been conferred the World's Leading Serviced Apartment Brand at the 19th World Travel Awards held in New Delhi. Often regarded as the "travel Oscars", the World Travel Awards are the largest, most comprehensive and prestigious awards in the travel industry. This is the first time in a 20-year history that the awards have been extended to the serviced apartment sector. Frasers also...
Frasers Hospitality has strengthened its presence Down Under with the opening of Fraser Place Melbourne, bolstering the firm's portfolio of premium-serviced residences in Australia's key gateway cities. Located in Melbourne's entertainment quarter and within a short walk from the city's financial district, Fraser Place Melbourne features 112 studio residences with integrated living, dining and kitchen...
Singapore's Fraser and Neave has received an unsolicited cash offer from an unidentified party for its serviced-residence and hospitality business. The conglomerate said the S$1.4 billion (US$1.1 billion) offer is unrelated to any director or substantial shareholder of F&N. Last month, TCC Assets, which is linked to Thai Beverage, offered S$8.88 a share for the entire F&N business, valuing the...
CapitaLand's serviced residence business unit, The Ascott, clinched a management contract on Tuesday for a new serviced residence in the Philippines. Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila will be located in the financial district of Ortigas Centre in Metro Manila. Ascott said the new management contract will strengthen its position as the "largest international...