Service Apartments

Frasers Hospitality undertaking ambitious expansion plans

Serviced apartment chain Frasers Hospitality has said it is undertaking its most ambitious expansion project yet. It announced plans to add 4,300 serviced apartment units to its current inventory in the next two years, bringing the total number of units to more than 9,000. The company is kicking off its aggressive expansion plan with the launch of Fraser Residence Orchard. Fraser Residence Orchard is...

Ascott in JV to develop second serviced residence in Bangalore

The Ascott, CapitaLand's wholly-owned serviced residence business unit, has entered into a joint venture with RMZ Corp, one of India's leading real estate developers, to develop a 203-unit serviced residence in Bangalore. Ascott will acquire a 50 per cent stake in the joint venture company for 151.75 million rupees (about S$4.36 million), while RMZ Corp will hold the remaining stake. The new Citadines...

The Ascott to invest S$70m in Europe, Asia

The Ascott, one of the world's largest serviced-residence companies, plans to invest in at least 12 properties for this year, covering cities like Shenzhen, Chennai and Doha. The company, which is a unit of Singapore's CapitaLand, said it has US$800 million (S$1 billion) available to expand its business this year. Other than Asia and the Middle East, The Ascott is also looking at furthering its presence...

Ascott opens 3 serviced apartments in China

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...

Ascott to launch 118-unit property in Dubai

CapitaLand's wholly-owned serviced residence business unit The Ascott is launching its first Ascott-branded property in Dubai. Ascott said it was bringing its brand to the United Arab Emirates through a management contract for the 118-unit Ascott Park Place Dubai. The asset is located in the prime commercial area of the city on Sheikh Zayed Road. Ascott will operate the property from October 1 this year...

Almost $1b of luxury properties

Ascott Reit acquisitions make it 6th-largest property trust in S'pore Ascott Residence Trust (Ascott Reit) is acquiring 28 properties from its sponsor and 48-per-cent shareholder, The Ascott, for $969.6 million to become the sixth-largest property trust in Singapore in terms of assets. In turn, The Ascott will buy a serviced apartment building, Ascott Beijing, from Ascott Reit for $214 million, to...

Ascott Residence to buy properties for $970m

Ascott Residence Trust, the serviced apartment operator partly owned by CapitaLand, said it will buy 28 properties in Europe and Asia from Ascott for $969.6 million. Ascott Residence will also sell its stake in a Beijing serviced residence property for $214 million to Ascott, it said in a statement to the Singapore exchange. The purchase will increase Ascott Residence’s asset size to $2.85 billion, it...

Ascott to launch its first serviced residence in Bali, Indonesia

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,...

Ascott secures contracts to manage 2 more serviced residences in China

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...

Ascott to open first Citadines serviced residence in Melbourne

The Ascott has invested A$168 million to develop its first Citadines serviced residence in Melbourne. Comprising 380 units, the new Citadines Melbourne on Bourke will be the company's largest Citadines-branded serviced residence in its global network. The launch of Citadines Melbourne further reinforces Ascott's foothold in Australia. It currently has a total of 884 apartment units in eight properties...

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