CapitaLand's wholly owned serviced residence unit, The Ascott, said it is making a foray into the Eastern European market. It's opening a property called Citadines Tbilisi Freedom Square in Tbilisi, Georgia. Ascott said the property is the first international serviced residence to operate in Georgia. It added that the property consolidates and strengthens Ascott's presence in Europe, where it already...
Service Apartment
CapitaLand's wholly-owned serviced residence business unit, The Ascott, has launched its first Citadines serviced residence in Malaysia. The property, called Citadines Kuching Uplands, is scheduled for completion by the first half of 2012. It is located in the Jalan Simpang Tiga area, which is set to be a hub for education and local federal government administration offices. With the latest launch,...
CapitaLand's serviced residence unit, Ascott, has clinched a contract to manage its third service residence in Xi'an, China. No financial details of the contract were given. The Citadines Xi'an Xingqing Palace is slated to open in 2011. The property will offer 160 studio apartments, each with a fully-equipped kitchen, an en-suite bathroom and a separate work area. Ascott's two other serviced residences...
Capitaland's wholly-owned serviced residence business unit, The Ascott Group, has opened its fifth serviced residence in Beijing. It is also the first time an Ascott serviced residence has partnered with Raffles City to offer an integrated lifestyle development comprising a retail mall, an office tower and a serviced residence. Located in Dongcheng District, the new serviced residence is near the Second...
For many in a busy city, the office may be their second home but feels nothing like one. To reinvent your perception of working space, apbcOffices recently launched its latest project, 75 High Street, which it has refurbished to the tune of $5 million. The eight-storey serviced apartment looks and feels like a boutique hotel with a reception styled like a bartop, complete with a chess set, miniature...
The global hospitality sector is set to make a come back next year after several sluggish quarters. Observers told an industry seminar in Singapore that the serviced apartment segment in Asia will emerge the strongest. But hotels may struggle with fewer business travellers and an oversupply of hotel rooms. The hospitality sector has seen sluggish times since the start of the global downturn. But...
The Ascott Group has secured a contract to manage a serviced residence property in Vietnam's third largest city, Hai Phong. It clinched the contract through Thuy Duong Investment Joint Stock Company, an established real estate company with developments across Vietnam's major cities. To be called Somerset Central TD, this will be Ascott's first serviced residence property in the coastal city of Hai Phong...
Property developer CapitaLand has channelled an additional capital of S$1 billion to its wholly owned China, Vietnam and Ascott businesses. The developer said it intends to sharpen its focus for the next phase of growth. The funds came from its recent S$1.8 billion rights issue. Out of the S$1 billion, half will be allocated to CapitaLand China Holdings, while S$299 million will be deployed to its...
Frasers Hospitality has signed a contract to manage its first Fraser Suites property in India's capital, New Delhi. The nine-storey, 90-unit Fraser Suites New Delhi is scheduled to open in October next year. The company said the property has an ecological design, aimed at optimising the use of solar energy for lighting, heating and electricity generation. Situated in the Mayur Vihar area, it is part of...
MR MASAMITSU Okada has been living in Singapore for the last 25 years. But instead of renting or buying a home, the Japanese expatriate has chosen to live in the same Ascott Somerset Liang Court serviced apartment for a quarter of a century. Not that housing is paid for by his company, as this benefit ceased 12 years ago when he retired from auditing firm Deloitte. Since then, he has been running his own...