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 facilities such as gymnasiums, conference facilities and serviced offices.

Ascott currently has six other properties under development in India, which will cost S$300 million when fully developed over the next three years.

Ascott’s CEO Lim Ming Yan said: “Significant demand for serviced residences in India’s fast growing economy has resulted in India being a key market for Ascott.

“Besides investment, we are also seeking opportunities for management contracts or lease agreements such as the Citadines Richmond Bangalore to grow our network in the country.”

Source : Channel NewsAsia – 20 Jul 2011

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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 international serviced residence owner-operator in China.

Ascott has about 6,600 apartment units in 36 properties across 16 cities in China.

Ascott Paragon Macau will be strategically located within Dynasty District in the heart of Macau, 10 minutes away from the airport and ferry terminal.

When completed, the residence is expected to offer about 100 apartments – from studios to one-bedroom units – to cater to the different lifestyle needs of leisure and business travellers.

Source : Channel NewsAsia – 18 Apr 2011

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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 country a top business and leisure destination.

The group’s most recent acquisition is the 105-unit Somerset International Building Tianjin, which occupies 10 floors of the landmark 37-storey Tianjin International Building. This tower is in the heart of Tianjin’s central business district.

Ascott also snapped up Citadines Zhuankou Wuhan in the Wuhan Economic and Technological Development Zone in Hanyang district.

Another purchase by Ascott was the Citadines Gaoxin Xi’an in the hub of the Hi-Tech Development Zone. It is close to commercial developments such as Pioneer Square and Sea Star Square.

Both Citadines properties are near retail, dining and entertainment venues.

Ascott’s managing director for North Asia, Mr Lee Chee Koon, said ‘Our first property in Wuhan and new properties in Tianjin and Xi’an reaffirm Ascott’s commitment to expand its business in the country.’

‘We plan to open two more properties in Shenzhen and Shenyang before the end of 2010. We will also continue to strengthen our presence in cities where we have properties and expand to other cities.’

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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, close to major shopping, dining and entertainment outlets.

The 5-storey residence will comprise studio, one- and two-bedroom apartment units. Facilities include a gymnasium, spa, swimming pool and restaurant.

The serviced residence increases Ascott’s presence in Indonesia to over 1,800 serviced apartment units across nine properties in Jakarta, Surabaya and Bali.

Mr Lim Ming Yan, Ascott’s chief executive officer, said: “While the majority of Ascott’s guests are business travellers and expatriates on extended stay, more leisure travellers are choosing to stay at our serviced residences.

“Bali is a world famous resort destination and over the years, it has become an increasingly attractive MICE destination. Bali continues to attract a high volume of tourist arrivals each year, which bodes well for our business in this market.”

Besides Citadines Bali Kuta, Ascott will open its first Citadines property in Indonesia, Citadines Jakarta Quartier, later this year; Citadines Jakarta Rasuna in 2011 and Ascott Kuningan Jakarta in 2012.

Source : Channel NewsAsia – 28 Jul 2010

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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 respectively.

Somerset Gaoxin is Ascott’s first Somerset-branded serviced residence in Xi’an. It is located within the new commercial centre of the Xi’an Hi-tech Development Zone.

Somerset Grandview is centrally located close to the Futian Central Business District.

When completed, the 233-unit Somerset Gaoxin and 128-unit Somerset Grandview will offer a range of apartment types from studios to 3-bedroom units, catering to the different lifestyle needs of both short- and long-stay travellers.

“China is an important market for Ascott. Besides growing in cities such as Beijing and Shanghai, we have been expanding rapidly in other cities like Xi’an and Shenzhen where there is high demand for serviced residences,” Ascott’s Managing Director for North Asia, Lee Chee Koon, said:

He added that Ascott’s Citadines Xi’an Central and Somerset Garden City, Shenzhen have achieved strong occupancy of above 80 per cent.

Ascott plans to open Ascott Maillen Shenzhen later this year and two more Citadines-branded serviced residences in Xi’an by 2012.

Mr Lee said: “Our two latest Somerset-branded properties will reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China.

“They will increase our China portfolio to more than 5,500 apartment units in 29 properties across 13 cities.”

Source : Channel NewsAsia – 7 Jul 2010

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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 some 490 service apartments, are currently being developed in Vietnam.

Going forward, the company plans to introduce its two other brands of Ascott and Citadines to Vietnam.

Ascott is a subsidiary of CapitaLand, one of Asia’s largest real estate companies.

Demand for service apartments in Vietnam has risen since Ascott opened its first units about 16 years ago. And Ascott sees more demand ahead because Vietnam, an emerging market, is attracting many infrastructural investments from foreign companies.

Alfred Ong, Ascott’s managing director for Southeast Asia and Australia, said: “That (demand) would come by the way of foreign companies coming to Vietnam to be involved and be part of this infrastructure development. And that would mean that when these people come into this country, they’ll need quality accommodation.

“People who are moving into these assignments require long-stay accommodation and service apartments would be the right type of accommodation that would house this group of people.”

Within Vietnam, Mr Ong said, Ascott is looking for potential expansion sites not just in Hanoi and Ho Chi Minh. It is also looking for opportunities in Vung Tau, an hour’s drive from Ho Chi Minh city, and Cantho, a major port and agriculture area about two hours flight from Ho Chi Minh.

Aside from further investments in Vietnam, Ascott is also looking at expanding in countries like Indonesia, Malaysia and the Philippines.

As for Singapore, the company is considering opening more Citadines service apartments.

Last year’s economic crisis did not prevent Ascott from posting over 80 percent occupancy in its service apartments.

It says the rate could pick up strongly in the second half of this year.

The company also sees the current average daily rate of US$100 per service apartment increasing by up to 10 percent in the second half of the year.

Residential properties in Vietnam are also on the upswing.

CapitaLand’s Mulberry Lane development in the Mo Lao new urban area of Ha Dong District in Hanoi is scheduled to be ready by end 2014.

As at end May, it has sold 545 units of the 768 units released for sale for up to US$1,800 per square metre. Another 700 units will be released for sale by the second half.

The units cost between US$1,500 and US$1,800 per square metre. These prices represent a 30 percent premium over other local completed projects.

Such an apartment with a loft concept is the first of its kind in Vietnam.

It is attracting mainly Vietnamese buyers who are paying in cash. Many of them are businessmen and professionals.

CapitaLand says the demand for such housing is enormous because many upper middle-class Vietnamese are aspiring to own such apartments.

Yip Hoong Mun, chief representative of CapitaLand (Vietnam) Holdings, said: “The project was launched towards the end last year when the economic crisis was in place. But because of the fundamental demand for good quality projects, the take-up rate was not really affected by the crisis in Vietnam.

“The price, compared to local completed projects, is in the premium of 30 percent partly because of the quality of the projects we have.

“But that doesn’t really affect the take-up rate because the local customers really aspire to own quality projects that can be completed in time.”

CapitaLand wants to grow its Vietnam presence from the current one percent to 10 percent over the next three to five years.

Source : Channel NewsAsia – 7 Jun 2010

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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 located along the main arterial roads of Jakarta city centre and part of a 30-storey development known as The H Tower that also comprises offices, specialist clinics and premier medical care facilities.

Ascott said the new Citadines Jakarta Rasuna will ride on the burgeoning trend of medical tourism and caters to the needs of business travellers, expatriates and visitors.

With the latest launch, Ascott said its lead as the largest international serviced residence owner-operator in Indonesia will be reinforced.

Its operating apartments in the country will increase to over 1,600 units across eight properties.

Ascott’s managing director for Southeast Asia and Australia, Alfred Ong, said the company’s properties are performing well with an average occupancy of about 80 per cent.

Meanwhile, the first Citadines property in Indonesia, the 135- unit Citadines Jakarta Quartier, will open in the second half this year.

The Citadines name is a brand of European serviced apartments that Ascott acquired in 2004.

Source : Channel NewsAsia – 21 Apr 2010

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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 Somerset Danang Bay and will be the first international brand of serviced residence in Danang.

With this addition, the Ascott will have more than 1,300 apartment units in eight properties across four cities including Ho Chi Minh City, Hanoi and Hai Phong.

The 121-unit serviced residence property is scheduled to be completed in 2012.

Source : Channel NewsAsia – 29 Mar 2010

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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 Embassy District, where many embassies and Fortune 500 companies are located.

Ascott Raffles City Beijing has 162 units, ranging from one to three-bedroom apartments.

Ascott said the new property is in line with its commitment to grow its presence in the mainland.

Lee Chee Koon, managing director of Ascott North Asia, said that besides acquiring new properties and managing properties for third party owners, CapitaLand’s mixed developments such as Raffles City is another platform for Ascott to rapidly grow its presence and service customers better.

He added that the company is already working on opening new serviced residences within Raffles City Hangzhou and Raffles City Ningbo.

Ascott’s portfolio in China stands at about 5,000 apartment units in 25 properties over 12 cities, including 6 properties which will open by 2011.

Source : Channel NewsAsia – 2 Dec 2009

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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 Vietnam operations, with the remaining S$200 million going to The Ascott Group.

The balance of S$800 million from its rights issue will be set aside for further investment opportunities that may arise.

In a statement, CapitaLand said it will have over S$4 billion of long-term core debt comprising convertible bonds and medium-term notes with an average maturity exceeding six years.

The developer added that it expects its corporate treasury cash levels to be reduced from the current S$2.8 billion to between S$1 billion and S$2 billion over the next six to 12 months.

This is partly due to pre-paying debt which matures in the next two to three years and deploying capital to potential investments when they come up.

Source : Channel NewsAsia – 18 Aug 2009

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