Ascott Acquires 48 Units In A Kuala Lumpur Serviced Residence And Secures New Management Contract
The Ascott Group, a leading international serviced residence chain, has acquired 48 units of a 96-unit serviced residence in Kuala Lumpur for RM11.9 million (S$5.4 million).
It has also secured the contract to manage the residence, Somerset Bukit Ceylon, in the city's central business district.
Located in Kuala Lumpur's Golden Triangle, Somerset Bukit Ceylon is a five-minute walk from Lot 10 and Starhill retail malls and the Bintang Walk shopping belt. It is also close to the major hotels and office buildings along Jalan Sultan Ismail and the Kuala Lumpur City Centre.
Part of a mixed-use complex, the serviced residence is currently under development and will open in the second quarter of 2005.
Ascott will manage the property for five years, with the option to renew for another five years. It has also secured the contract to provide pre-opening technical services during the development phase. Its acquisition of the 48 serviced residence units includes 24 carpark lots.
The Ascott Group is a leading international serviced residence chain with more than 8,400 serviced residence units in 20 cities. Following its recent acquisition of 50 per cent of the Citadines pan-European serviced residence chain, Ascott's portfolio has expanded to 13,500 serviced residence units in 37 cities across Asia, Europe and Australasia.
The group's chief corporate and investment officer, Mr Benett Theseira, said: "Somerset Bukit Ceylon will enlarge Ascott's presence in Kuala Lumpur and enable us to drive even greater scale benefits and operational efficiencies from the clustering of our properties in the city.
"The residence will leverage the strong market presence we have established in the city with The Ascott Kuala Lumpur. It will also benefit from tapping Ascott's international marketing network and customer base," he added.
Mr Theseira said that the group's 223-unit The Ascott Kuala Lumpur outperformed the market in occupancy and rental rates last year. In Kuching, its 68-unit Somerset Gateway led the market in rental rates and revenue per available room.
He added that Somerset Bukit Ceylon will provide guests with a living experience and support services that help them succeed in the city. These include organising activities that facilitate guests' business networking and integration with the community.
Somerset Bukit Ceylon will comprise studio to three-bedroom suites and offer facilities such as a gym, swimming pool and residents' lounge.
As part of the group's Somerset brand of serviced residences, the property will target middle to upper management executives, and project a contemporary and stylish lifestyle.
The Somerset Bukit Ceylon acquisition and management contract are not expected to have any material effect on the company's financial results for the current financial year.
The Ascott Group's Properties in Malaysia
A. Serviced Residences
Somerset Bukit Ceylon -- 96 units, Kuala Lumpur
Located in Kuala Lumpur's Golden Triangle business district, the residence is close to office buildings such as Wisma HLA and Wisma Goldhill. The Lot 10 and Starhill retail malls, and Bintang Walk shopping belt are a five-minute walk away. Units range from studio suites to three-bedroom penthouses.
The Ascott Kuala Lumpur -- 223 units, Kuala Lumpur
Located in Kuala Lumpur City Centre, the property is within walking distance of the Petronas Twin Towers. The Suria KLCC shopping complex and Bintang Walk are nearby. The Royal Selangor Golf Club, National Mosque and Chinatown are a short drive away. Units range from executive suites to four-bedroom penthouses.
Somerset Gateway, Kuching - 68 units, Kuching
The stylish Somerset Gateway is in the heart of Sarawak's central business district, close to shops, restaurants and entertainment centres. Historical sites such as the Sarawak Museum are nearby. Units range from deluxe to three-bedroom suites.
B. Corporate Leasing
Suasana Sentral Residences - 54 units, Kuala Lumpur
The condominium is situated in Kuala Lumpur Sentral, a residential, retail and corporate precinct. The city air terminal, which offers an express railway link to the Kuala Lumpur International Airport, is nearby. Units include a study room and range from two to four-bedroom apartments.
About The Ascott Group
The Ascott Group is a major international serviced residence company with 8,400 serviced residence units spanning the gateway cities of Southeast Asia, North Asia, Australasia and the UK.
Following its recent acquisition of 50 per cent of the Citadines pan-European serviced residence chain, Ascott's portfolio has expanded to 13,500 serviced apartments across 37 cities including London, Paris, Brussels, Berlin and Barcelona.
Headquartered in Singapore, The Ascott Group pioneered the Asia Pacific's first branded luxury serviced residence in 1984. Today it boasts a 19-year industry track record and serviced residence brands that enjoy strong recognition worldwide.
The Group's flagship The Ascott luxury serviced residence brand projects an elegant lifestyle appealing to top executives. Its Somerset brand offers stylish, contemporary living for senior to upper management executives. The mid-tier Oakford brand provides corporate executives with comfortable city residences in Australia.
Listed on the mainboard of the Singapore Exchange as 'Ascott', the Group is the serviced residence arm of CapitaLand Limited, one of the largest listed property companies in Asia.