CapitaLand's wholly-owned subsidiary, The Ascott, has secured a contract to manage a 229-unit premier serviced residence in Doha. Ascott Doha will be the company's second property in the capital city of Qatar and is scheduled to open in the second half of 2011. Ascott Doha is located in the centre of Doha's diplomatic district and offers stunning views of the Arabian Gulf. Units offered in the residence...
Service Apartment
CapitaLand's wholly-owned subsidiary, The Ascott has extended its footprint to Frankfurt, Germany's financial and transportation hub. It will invest S$50 million to acquire a turnkey serviced residence property in the city, which is slated to open in 2014. This follows the company's expansion into Germany's second largest city, Hamburg, in January when it signed a sale and purchase agreement for...
CapitaLand's wholly-owned subsidiary, The Ascott, has clinched a contract from China Overseas Property to manage the first international brand of serviced residences in Macau. The premier serviced residence, slated to open in 2014, is to be named Ascott Paragon Macau. Ascott said the residence is not only its first entry into Macau, but it also strengthens the group's leadership position as the largest...
Serviced apartment chain Frasers Hospitality has said it is undertaking its most ambitious expansion project yet. It announced plans to add 4,300 serviced apartment units to its current inventory in the next two years, bringing the total number of units to more than 9,000. The company is kicking off its aggressive expansion plan with the launch of Fraser Residence Orchard. Fraser Residence Orchard is...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has entered into a joint venture with RMZ Corp, one of India's leading real estate developers, to develop a 203-unit serviced residence in Bangalore. Ascott will acquire a 50 per cent stake in the joint venture company for 151.75 million rupees (about S$4.36 million), while RMZ Corp will hold the remaining stake. The new Citadines...
The Ascott, one of the world's largest serviced-residence companies, plans to invest in at least 12 properties for this year, covering cities like Shenzhen, Chennai and Doha. The company, which is a unit of Singapore's CapitaLand, said it has US$800 million (S$1 billion) available to expand its business this year. Other than Asia and the Middle East, The Ascott is also looking at furthering its presence...
The Ascott has opened three new properties in China, targeting to operate 12,000 apartment units there by 2015. The 605 new units in three cities of Tianjin, Wuhan and Xi'an will bring to more than 6,300 the number of apartments Ascott has in 34 properties across 15 cities in China. Ascott said the expansion strategy is underlined by China's rapid development and high foreign investment, which are making...
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...
Ascott Reit acquisitions make it 6th-largest property trust in S'pore Ascott Residence Trust (Ascott Reit) is acquiring 28 properties from its sponsor and 48-per-cent shareholder, The Ascott, for $969.6 million to become the sixth-largest property trust in Singapore in terms of assets. In turn, The Ascott will buy a serviced apartment building, Ascott Beijing, from Ascott Reit for $214 million, to...
Ascott Residence Trust, the serviced apartment operator partly owned by CapitaLand, said it will buy 28 properties in Europe and Asia from Ascott for $969.6 million. Ascott Residence will also sell its stake in a Beijing serviced residence property for $214 million to Ascott, it said in a statement to the Singapore exchange. The purchase will increase Ascott Residence’s asset size to $2.85 billion, it...