Serviced apartment operators have fared well It is an industry that went relatively unscathed through the Sars epidemic, despite the deserted airports and near-empty hotels. Even during those times, serviced apartments in Singapore, which cater primarily to expatriates, were able to maintain an occupancy rate of more than 70 per cent. While health scares may make merrymakers rethink their holiday plans...
Service Apartment
OLLOWING asset sales in China and Malaysia, CapitaLand yesterday said it has sold the Somerset Orchard serviced residence to OG Pte Ltd for $100 million in cash. The real estate group expects to book a gross gain of $43 million from the sale of the 88-unit block, which has acarrying value of $57 million. The property was owned by CapitaLand's serviced apartment subsidiary, the Ascott Group, which will...
The Ascott group, wholly-owned by CapitaLand, has sold the 88-unit Somerset Orchard serviced residence for S$100 million. The sale to OG Private Limited translates to some S$1,530 per square foot. With a carrying value of S$57 million, CapitaLand is expected to recognise a gross gain of about S$43 million from the deal. After the sale, Ascott will continue to manage the serviced residence for 15 years,...
Upping the swank factor While almost everybody else in China was glued to news about the Olympics, Singapore-based Frasers Hospitality yesterday opened its swankiest digs to date in the country, the 357-unit Fraser Suites CBD in Beijing, which cost US$135 million ($190 million). Singapore President S R Nathan, in the Chinese capital at the invitation of that country’s government to watch the Games,...
Former office tower takes on new lease of life as an Ascott serviced residence PREVIOUSLY the tallest tower in South-east Asia, the former Asia Insurance Building overlooking Marina Bay is now enjoying a new lease of life as a premium serviced residence. The national heritage building was gazetted by the Urban Redevelopment Authority in April and has been caringly restored by The Ascott Group through a...
But CEO warns of impact from global slowdown SERVICED apartments owner Ascott Residence Trust is offering a 9-per-cent higher dividend payout to unitholders for the second quarter after room rates increased. It yesterday announced a total distributable income of $13.3 million, or 2.19 cents per unit, thanks to growth across its portfolio, which comprises 37 serviced-apartment residences across...
Ascott Residence Trust is setting itself a mid-term target of having emerging markets form 70 per cent of its portfolio. The trust's current holdings of S$1.5 billion are split 50-50 between what it terms stable economies like Japan, and emerging ones like Vietnam. It made the comment when announcing its first half earnings on Wednesday. Emerging markets are proving to be a lucrative proposition for...
Frasers Hospitality - the property arm of mainboard-listed Fraser & Neave - is planning to grow its presence in the emerging markets of China, India and Vietnam. Revealing this at a news briefing on Thursday, Frasers said it plans to add about 5,000 serviced apartment units to its portfolio over the next two years. It is scheduled to open 10 new properties this year, and another 25 over 2009 and...
Emerging markets are a part of its expansion plan Frasers Hospitality, Asia’s second-biggest serviced-apartment operator behind CapitaLand’s Ascott Group, is in talks to set up private equity funds to invest in China, India and South-east Asia after delaying its planned share sale. The company, which expanded its portfolio eight-fold to 3,287 apartment units in the past decade, is raising funds for...
Singapore’s Frasers Hospitality is expanding into Indonesia for the first time. It has announced plans for 270 luxury service apartments and penthouses to be housed within the Ciputra World Jakarta development (picture), which is slated for completion by mid-2011. Fraser Suites Jakarta will be located in a 30-storey tower, with leisure and fitness facilities such as a swimming pool, tennis courts and...