Ascott To Launch Its First Premier Ascott-branded Property In Dubai
Singapore, 29 September 2010 – CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has brought its premium Ascott brand to Dubai, United Arab Emirates through a management contract for the 118-unit Ascott Park Place Dubai in the prime commercial area of the city.
Ascott will operate the property from 1 October 2010 and rebrand it as Ascott Park Place Dubai by the end of 2010 upon completion of some upgrading works. The premier serviced residence occupies 15 floors of the spectacular 56-storey Park Place Tower, a high-end mixed use development that also comprises Grade A offices with prominent tenants such as Pictet & Cie, The Royal Bank of Scotland and the Hong Kong Trade Development Council.
Strategically situated in the heart of Dubai's central business district on Sheikh Zayed Road, the serviced residence is close to the Dubai International Financial Centre and a mere 10-minute walk from the Dubai International Convention and Exhibition Centre. The Dubai World Trade Centre metro station is located just across the road from Ascott Park Place Dubai, allowing convenient access to major shopping malls and popular beaches in the vicinity. The property is also a short drive away from the Dubai International Airport and easily accessible via major transportation networks.
Mr Ronald Tay, Chief Investment Officer of The Ascott Limited, who oversees Ascott's business in the Gulf region, said: “Dubai remains an important market for Ascott in the Gulf region. With its developed infrastructure and well-educated expatriate workforce, Dubai continues to attract multinational companies to set up offices in this international financial hub. Moreover, the Emirate hosts a wide array of international business, sports and leisure events throughout the year and these events attract a large number of foreign visitors annually. This provides a steady source of customers for our serviced residence. To strengthen our presence in the Gulf region, we will continue to actively look for opportunities in the United Arab Emirates, as well as in Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.”
Ascott Park Place Dubai will offer business and leisure travellers spacious and luxurious one-, two- and three-bedroom apartments as well as double-storey loft apartments.
All apartments come with a fully-equipped kitchen, ensuite bathrooms, modern amenities such as an iPod docking station, complimentary wireless Internet access and floor-to-ceiling windows, providing residents a breathtaking view of Dubai city or the Arabian Gulf. Residents of Ascott Park Place Dubai can also enjoy facilities such as a 40-metre temperature-controlled swimming pool, a rooftop gymnasium with state-of-the-art equipment, steam and sauna rooms as well as a restaurant.
With the addition of Ascott Park Place Dubai, Ascott has a total of 636 apartment units in four serviced residences across three cities in the Gulf region. Ascott currently operates the 118-unit Somerset Al Fateh in Manama, Bahrain and the 200-unit Somerset West Bay in Doha, Qatar. Ascott also has plans for a 200-unit Ascott Bahrain at Raffles City Bahrain.
About The Ascott Limited
The Ascott Limited is the world's largest international serviced residence owner-operator with over 20,000 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 26,000 units.
The company operates three brands – Ascott, Somerset and Citadines. Its portfolio spans over 60 cities across more than 20 countries, 11 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 26-year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include 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 China Travel Awards 2010 "Best Serviced Residence Operator in China", DestinAsian Readers' Choice Awards 2010 "Best Serviced Residence in Asia Pacific" and TTG Travel Awards 2009 "Best Serviced Residence Operator".
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 in the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.