CapitaLand unit, Ascott, has opened two new serviced residence apartments in China. Somerset JieFangBei is in Chongqing, while Somerset Garden City is located in Shenzhen. The properties are Ascott's first in each city. Ascott now has 26 properties in 12 cities across China, making it the largest international serviced residence owner and operator in the country. Ascott CEO Lim Ming Yan said the...
Service Apartment
CapitaLand's wholly-owned service residence business unit, Ascott, has opened its newest property in northern China. The property - called Somerset YouYi, Tianjin - is located in the heart of the downtown Hexi commercial district. The serviced apartment in Tianjin is the fifth property that Ascott has opened this year. Another eight will follow for the rest of this year, including three in...
Some private property developers are thinking of turning their residential projects into serviced apartments. Ascott Hospitality said it has been approached by some developers recently, but declined to say which were considering such a move. Experts, however, said such conversions are unlikely to gain popularity in Singapore anytime soon as there are many factors against it. Private home sales may have...
Far East Organisation has launched its first-ever major rebranding exercise for its hospitality division. The property developer plans to rebrand its stable of 17 hotels and serviced residences in Singapore under new names. This was announced on Wednesday as Far East opened its first boutique hotel at Mount Elizabeth Road. Under the first phase of the rebranding, Far East will introduce a new "Village"...
Serviced apartment operator Ascott Group, a wholly owned subsidiary of CapitaLand, has secured a contract to manage its first Citadines serviced residences in Jakarta. Citadines Jakarta, located in the central business district of Menteng, will have 120 residence units and is scheduled to open in the second half of 2010. The group said there are plans to add another 100 units in the future. Citadines is...
Frasers Hospitality has signed agreements to manage its first three properties in India. The first is a 50-unit serviced residence which will open in June next year, near Bangalore's new international airport. The second is a 153-unit serviced residence near the Bangalore IT Park. Both properties are owned by the Skyline Group. Under a third contract, Frasers will manage 99 serviced apartments for the...
IT LOOKS like being a business for all seasons. The global economic and financial turmoil has yet to have a major impact on Frasers Hospitality, the serviced apartments arm of Frasers Centrepoint, itself the property division of mainboard listed Fraser & Neave. The firm is certainly playing in the big league; its newest property in China - Fraser Suites Top Glory in Pudong - was formally opened...
Singapore's Frasers Hospitality, which manages serviced apartments, has launched its latest property in Shanghai. Despite the current global financial uncertainty, it remains bullish about its prospects. Frasers Suites Top Glory in Shanghai was opened by former US secretary of state, Henry Kissinger. The five-tower serviced apartments are located in the bustling Lujiazui central business district in...
Low costs and promising markets pave the way for expansion in Asia, Europe Property crisis or not, Frasers Hospitality is dead-set on rapid expansion, planning within the next 15 months to double the number of service apartments it owns and operates. The company, an offshoot of food and beverage mainboard-listed blue chip Fraser & Neave, is looking to set up its own procurement unit for central...
Ascott Raffles Place retains the old world charm of the former Asia Insurance Building, including its letters Lovingly preserved in the Ascott Group’s new serviced apartments in the former Asia Insurance Building at Finlayson Green, is a link with the age before email. It is the original mail chute from the 53-year-old building, which when the renovations were being carried out was found stuffed with...