Ascott Enters Macau With Its Premier Ascott Brand
Ascott Paragon Macau is the first international serviced residence in Macau
Singapore, 18 April 2011 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched a contract from China Overseas Property Limited to manage the first international brand of serviced residence in Macau SAR. The premier serviced residence, slated to open in 2014, is to be named Ascott Paragon Macau. It is not only Ascott’s first entry into Macau but it also strengthens Ascott’s leadership position as the largest international serviced residence owner-operator in China and in the world. Globally, Ascott has more than 27,000 apartment units in over 70 cities across 20 countries. In China, Ascott has about 6,600 apartment units in 36 properties across 16 cities.
Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “Macau is an important travel destination for mainland Chinese as well as global travellers. With the high rate of growth in China, we expect more expatriates and business travellers to Macau as more international companies such as ING, HSBC and Deloitte set up offices in the city. At the same time, Macau’s numerous lifestyle and entertainment spots, coupled with an increasing number of events and trade fairs including Grand Prix Macau and World Heritage Travel Expo, are expected to create strong and growing demand for quality accommodation. As the first international serviced residence brand in Macau, Ascott Paragon Macau will set the benchmark and will be well positioned to cater to the demand for quality serviced residences in the market.”
Ascott Paragon Macau will be strategically located within Dynasty District in the heart of Macau. Dynasty District is an international business and retail hub by the city’s waterfront. It is home to premier Grade-A office spaces, major shopping malls, prestigious residences and numerous attractions. The district is just five to ten minutes away from the Macau International Airport and Ferry Terminal. It enjoys convenient accessibility to Guangzhou through the Guangzhou-Zhuhai railway and to Hong Kong via the Hong Kong-Zhuhai-Macau Bridge which is due for completion by 2016. The luxurious serviced residence will be within walking distance to many places of interest such as the Macau Cultural Centre, Ruins of St. Paul’s and Handover Gifts Museum of Macau. It will also be close to a myriad of dining, shopping and entertainment options.
When completed, Ascott Paragon Macau 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. The spacious apartments will come with a fully-equipped kitchen and elegant furnishing. Residents can enjoy facilities including a swimming pool, gymnasium, business centre and residents’ lounge.
About The Ascott Limited
The Ascott Limited is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 5,000 units which are under development, making a total of more than 27,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 12 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. It also established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’, Business Traveller Asia-Pacific Awards 2010 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, TTG Travel Awards 2010 ‘Best Serviced Residence Operator’ and TTG China Travel Awards 2010 ‘Best Serviced Residence Operator in China’.
About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.