CapitaLand's serviced residence unit, Ascott, has clinched a contract to manage its third service residence in Xi'an, China. No financial details of the contract were given. The Citadines Xi'an Xingqing Palace is slated to open in 2011. The property will offer 160 studio apartments, each with a fully-equipped kitchen, an en-suite bathroom and a separate work area. Ascott's two other serviced residences...
Ascott
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...
The Ascott Group has secured a contract to manage a serviced residence property in Vietnam's third largest city, Hai Phong. It clinched the contract through Thuy Duong Investment Joint Stock Company, an established real estate company with developments across Vietnam's major cities. To be called Somerset Central TD, this will be Ascott's first serviced residence property in the coastal city of Hai Phong...
CapitaLand unit, Ascott, has opened two new serviced residence apartments in China. Somerset JieFangBei is in Chongqing, while Somerset Garden City is located in Shenzhen. The properties are Ascott's first in each city. Ascott now has 26 properties in 12 cities across China, making it the largest international serviced residence owner and operator in the country. Ascott CEO Lim Ming Yan said the...
CapitaLand's wholly-owned service residence business unit, Ascott, has opened its newest property in northern China. The property - called Somerset YouYi, Tianjin - is located in the heart of the downtown Hexi commercial district. The serviced apartment in Tianjin is the fifth property that Ascott has opened this year. Another eight will follow for the rest of this year, including three in...
Former office tower takes on new lease of life as an Ascott serviced residence PREVIOUSLY the tallest tower in South-east Asia, the former Asia Insurance Building overlooking Marina Bay is now enjoying a new lease of life as a premium serviced residence. The national heritage building was gazetted by the Urban Redevelopment Authority in April and has been caringly restored by The Ascott Group through a...
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...