22 Jul
2002

Ascott Launches Its First Serviced Residence In Japan

The Ascott Group, a leading international serviced residence company, has opened its first serviced residence in Japan - Somerset Roppongi, Tokyo.

Located in Tokyo’s central business district, the 64-unit residence is a five-minute walk from Roppongi subway station on the Hibiya and Oedo Line.

The group will also open the 79-unit Somerset Higashi-Azabu in the first quarter next year. Located in the prestigious Higashi-Azabu district in Minato ward, the residence is close to embassies and restaurants.

Ascott will also assist in the management of 155 apartments in central Tokyo for corporate leasing.

The group secured the management contracts for the residences following its joint venture with Mitsubishi Estate Co Ltd, one of Japan’s largest real estate conglomerates.

The Asia Pacific’s largest serviced residence chain, The Ascott Group has more than 8,000 apartments in 20 cities in 11 countries across Asia, Australasia and the UK.

Ascott’s CEO, Mr Kee Teck Koon, said that the group's entry into Japan is part of its strategy to become a leading serviced residence operator in gateway cities in North Asia, completing its market dominance in the Asia Pacific.

"The properties provide the strategic platform for our expansion in Japan. We see increased demand for serviced residences and other expatriate housing as Japan adopts policies that open its economy and attract foreign investors," said Mr Kee.

"As there is limited supply of four and five-star serviced residences in Tokyo, we have the opportunity to redefine the product and achieve market impact quickly."

He added that Ascott will reposition the Japanese properties for the wider international market.

"We will provide the residences with immediate access to our global customer base and sales network. As Somerset residences, they will leverage the strength of our market-leading brands in the Asia Pacific," said Mr Kee.

Somerset Roppongi comprises studio to two- bedroom apartments. Its entrance, reception, and lobby are being renovated, and its apartments will be progressively upgraded to Somerset standards. The residence’s staff are being trained on Ascott’s operational and service delivery systems.

About The Ascott Group Residences in Japan

A. Serviced Residences

Somerset Roppongi --- 64 units, Roppongi, Tokyo
Located in the trendy and cosmopolitan Roppongi district, the residence is close to restaurants, embassies and entertainment spots. The nearest subway station, Roppongi, is a five-minute walk away. Units range from studio to two-bedroom apartments.

Somerset Higashi-Azabu (opening Q1, 2003) --- 79 units, Higashi-Azabu, Tokyo
Located in Minato ward which is favoured by Tokyo’s expatriate community, the residence is close to embassies and restaurants. Its facilities include a gym, swimming pool and residents’ lounge. Units range from studio to one-bedroom apartments.

B. Corporate Leasing – 155 Units

Green Park Akasaka, Tokyo
Komazawa Garden House, Tokyo
Nakameguro Residence, Tokyo

About Mitsubishi Estate Co. Ltd
Mitsubishi Estate is one of Japan’s largest real estate conglomerates, with US$20.5 billion (S$36.8 billion) in assets, mainly in Tokyo. The group’s businesses include property leasing and management, residential development and sales, architectural design, real estate brokerage, hotel and leisure operations. Mitsubishi Estate has overseas operations in the US and UK.

About The Ascott Group
The Ascott Group is a leading international serviced residence company. It manages a portfolio of over 8,000 serviced residence units in 20 cities in 11 countries across Asia, Australasia and the United Kingdom.

In its drive for international leadership in the serviced residence industry, the Group today commands pole positions in many gateway cities such as Singapore, London, Beijing, Shanghai, Jakarta, Hanoi, Ho Chi Minh City, Sydney and Melbourne.

The Ascott Group pioneered the Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts an 18-year industry track record and serviced residence brands that are market leaders in the Asia Pacific.

The Group's luxury The Ascott brand projects an elegant lifestyle appealing to top executives. The Somerset brand offers stylish, contemporary living for senior to upper management executives.

Headquartered in Singapore, The Ascott Group's shares trade as 'Ascott' on the Singapore Exchange. It is the serviced residence arm of CapitaLand Limited, Southeast Asia’s largest listed property company.

 


 

 

 

 

Ida Lim, Vice President, Investor Relations & Corporate Communications
Tel: (65) 6586 7230 Hp: (65) 9628-8339 Fax: (65) 6586 7202
Email: ida.lim@the-ascott.com

Tay Cheng Cheng, Assistant Manager
Tel: (65) 6586 7231 Hp: (65) 9010 0627 Fax: (65) 6586 7202
Email: tay.chengcheng@the-ascott.com