Ascott Group

Ascott expands its Citadines brand to Jakarta

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...

You’ve got … old mail

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...

A very stable yield in tough times

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...

CapitaLand sells Somerset Orchard

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...

Ascott sells Somerset Orchard serviced residence for S$100m

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,...

CapitaLand completes compulsory acquisition of Ascott

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...

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