CapitaLand's Ascott unit has bought an existing serviced residence in London for S$116.4 million. The property is located within London's 'Midtown' region at High Holborn. Ascott is currently leasing the property from Land Securities, the UK's largest real estate investment trust. The property is being operated under the brand name Citadines London Holborn-Covent Garden. The 192-unit serviced residence...
Service Apartment
Property developer CapitaLand has completed the compulsory acquisition of the Ascott Group, a serviced-apartments operator. From 28 April, Ascott becomes an indirect wholly-owned subsidiary of the company. It will be delisted from the Singapore Exchange with effect from 29 April. CapitaLand said the privatised Ascott will enhance the company's competitive advantage of having a fully integrated real...
Property developer UOL Group has unveiled a new luxury serviced apartment, marking its entry into the extended stay business. Pan Pacific Serviced Suites, located in the Somerset area, will open for business in April. It offers 126 deluxe units, which come with personal assistants to tend to the needs of guests. Besides waking up to a view of downtown Singapore in an apartment kitted out with designer...
Property developer CapitaLand has gained control of 96.7 per cent of the Ascott Group. With this level of acceptance, CapitaLand can now compulsorily acquire the remaining shares of Ascott that it does not own. The move will allow CapitaLand to delist Ascott and take it private. But Ascott shareholders, who have yet to accept the offer, can still do so before the closing date of 11 March...
Shares of Ascott Group are likely to be suspended, now that CapitaLand has gained control of 91.7 percent of the company. Under listing rules, the Singapore Exchange may suspend a stock when its free float falls below 10 percent. In a statement, CapitaLand says it will not appeal for the trading suspension to be lifted. The company has said that it intends to take the Ascott Group private. However, it...
CapitaLand’s offer to buy the remaining shares of its 67-per-cent unit, The Ascott Group, at $1.73 apiece represents a decent exit price for minority owners of the luxury residences operator, according to CIMB, who said the price “is a fair valuation from a historical perspective, but attractive in the current environment of heightened risk aversion”. Stock markets worldwide have been rocked in...
The Ascott Group has reported an 8 percent increase in full-year earnings, in line with market forecasts. Net profit came in at S$177.3 million. The jump was due to an increase in rental rates as well as higher portfolio gains from asset divestment and revaluation. The owner-cum-operator of serviced residences said it is looking to further grow its portfolio in the next two years. The Ascott Group now...
Serviced apartment operators in Singapore are in talks with authorities to waive a minimum stay period that stops them from competing head-to-head with hotels. This is according to Ascott Group, the largest serviced apartment player in Asia. The comment came as Ascott unveiled details of three new projects here in Singapore. Currently, serviced apartment operators in Singapore are not allowed to rent...
This is the forecast given by Far East Organisation. The serviced residences sector is seeing a nice pick-up in demand, thanks to growing business travel and rising tourist arrivals. Occupancy is now above 90% percent and rental rates have risen by some 15% to 20% last year. The momentum is expected to continue with some operators forecasting another 15% to 20% jump this year. Far East says demand for...