Ascott, CapitaLand's wholly-owned service residence business unit, will open its first serviced residence in India and operations will start from August 1. The 96-unit property - Citadines Richmond Bangalore - is strategically located along Bangalore's well-known Richmond Road in the Central Business District. The property offers a mix of spacious studio, one- and two-bedroom apartments as well as...
Ascott Group
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...
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...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has expanded its presence into Bali, Indonesia. It has won a contract from Indonesian developer PT Rudy Indopratama Sejahtera to manage a 174-unit serviced residence in Kuta, to be called Citadines Bali Kuta. The new serviced residence, which is targeted to open in 2012, will be located on the main arterial road of Jalan Raya Kuta,...
CapitaLand's wholly-owned serviced residence business unit, The Ascott, has secured contracts to manage two more serviced residence properties in Xi'an and Shenzhen, China. This follows Ascott's recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April. The latest additions - Somerset Gaoxin, Xi'an and Somerset Grandview, Shenzhen - are scheduled to open in 2012 and 2013...
Service apartment operator Ascott Group plans to invest US$100 million over the next three years in Vietnam. The investment will double the number of its existing service apartments in that country to about 1,800. Currently, the company has about five existing service apartment properties under the Somerset brand in Hanoi and Ho Chi Minh city, offering about 900 units. Another three properties, with...
CapitaLand's wholly-owned serviced residence business unit, The Ascott, said it has secured a contract to manage its second Citadines serviced residence in Indonesia. The contract was awarded by state-owned enterprise P-T Hutama Karya Persero. But it did not reveal to the value of the contract. Called Citadines Jakarta Rasuna, the 135-unit property is scheduled for completion by next year. It is...
CapitaLand's wholly-owned serviced residence business unit, The Ascott said it has been awarded a contract to manage a serviced residence in Danang, Vietnam's fourth largest city. The contract was awarded by the Korea Investment and Development Company, a real-estate consortium that specialises in commercial and residential developments across major cities in Vietnam. The serviced residence will be named...
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...
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...