The Ascott, CapitaLand's wholly-owned serviced residence business unit, is strengthening its market presence in China. In a filing to the Singapore Exchange, the firm said it has secured contracts to manage three properties with more than 500 apartment units in China. The 90-unit Ascott Heng Shan Shanghai is scheduled to open in 2014. Meanwhile, two serviced apartments in Suzhou - the 250-unit Ascott...
Ascott
The Ascott, the serviced-apartment arm of CapitaLand, is considering listing a China-focused real estate investment trust (REIT) to fund its expansion in the world's second-largest economy. Ascott Chief Executive Chong Kee Hiong said in an interview with Dow Jones Newswires: "We continue to like China, although we would have to wait for good opportunities in first-tier cities. We also like the second- and...
CapitaLand's serviced residence business unit, The Ascott, clinched a management contract on Tuesday for a new serviced residence in the Philippines. Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila will be located in the financial district of Ortigas Centre in Metro Manila. Ascott said the new management contract will strengthen its position as the "largest international...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has secured a new management contract for its first Citadines Apart'hotel in Surabaya, Indonesia. In a filing with the Singapore Exchange, it says the 288-unit Citadines Marvell Surabaya is scheduled to open in 2014. Ascott is the largest international serviced residence owner-operator in Indonesia, with over 2,100 apartment units...
The Ascott, the world's largest serviced residence owner-operator, has no plans to list a real estate investment trust (REIT) in Malaysia, the company said yesterday, clarifying a news report published this week. The New Straits Times, citing Ascott regional general manager for Singapore and Malaysia, Mr Tan Boon Khai, had reported on Wednesday that Ascott might group its assets in Malaysia and float them...
CapitaLand's serviced residence business unit, The Ascott Limited has won contracts to manage two properties in China. In a news release, The Ascott said the properties include 186-unit Ascott M-City Foshan which will open in 2016, and the 71-unit Somerset Victoria Park Hongkong in 2013. At the moment, Ascott owns and operates Citadines Ashley Hongkong in the Tsim Sha Tsui district. Mr Lim Ming Yan,...
The Ascott Limited (Ascott), a wholly-owned subsidiary of CapitaLand, has secured a contract from Nusajaya Consolidated Bhd to manage the Somerset Puteri Harbour Iskandar, its first serviced residence in Iskandar, Malaysia. Scheduled to open in 2013, the 204-unit project will be developed in a new joint venture between Malaysian developers UEM Land Bhd and United Malayan Land Bhd. Somerset Puteri Harbour...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has increased its presence in India with the soft opening of its first Somerset brand of serviced residence. The 187-unit Somerset Greenways Chennai follows the recent opening of the 96-unit Citadines Richmond Bangalore. Ascott has five other serviced residences in India which are under development in Ahmedabad, Bangalore, Chennai...
CapitaLand's wholly-owned serviced residence business unit, Ascott, has won two new contracts to manage properties in Chengdu and Beijing. The properties are the 181-unit Ascott Financial City Chengdu, which is slated to open in 2014, and the 187-unit Somerset Wangjing Beijing, which is scheduled to open a year later. With the two additional properties, Ascott said it is on track to achieve 12,000...
CapitaLand's wholly-owned subsidiary, The Ascott, has acquired prime properties in Paris, France for 65 million euros or about S$118.4 million. It has acquired 100 per cent shareholding in SNC Costes K, which owns the prime Hotel K, and an adjacent vacant residential property in Paris. After the acquisition is completed, Ascott will combine and transform the freehold properties into a premium serviced...