09 Jun
2003

Ascott Opens Second Serviced Residence in Tokyo

The Ascott Group, an international serviced residence company, has opened its second serviced residence in Tokyo, the 79-unit Somerset Azabu East.

The 14-storey property, with panoramic views of Tokyo Tower and Shiba Park, is in the heart of the prime Higashi-Azabu district of Minato ward. It is close to embassies, multinational companies, entertainment centres and restaurants. Tourist attractions such as the Zojo-ji Temple, Minato City Hall, Tokyo Tower and public library are also in the vicinity.

As part of the group's portfolio of Somerset residences, Somerset Azabu East is targeted at senior to upper management executives. The property offers stylish studio and one-bedroom suites with facilities such as a well-equipped fitness centre, indoor pool and rooftop barbecue terrace.

Ascott's deputy CEO (Operations), Mr Cameron Ong, said: "Somerset Azabu enables Ascott to tap the growing demand for serviced residences and expatriate housing in Tokyo. As there is limited supply of four and five-star serviced residences in the city, we have the opportunity to redefine the product and achieve market impact quickly."

Mr Ong added that Somerset Azabu has drawn on the group's international marketing network, leading brands and proven operational systems to build up its occupancy.

"The residence has performed strongly, achieving over 60 per cent occupancy in just three months of operations. Somerset Roppongi, our first serviced residence in Tokyo which opened in July last year, is also performing well," he said.

The Ascott Group has over 13,500 serviced residence units in 37 cities in Asia, Australasia and Europe. With Somerset Azabu East, its presence in Tokyo will increase to 340 serviced apartments and corporate leasing units.

Ascott's entry into Japan is in line with its strategy to become a major serviced residence operator in the gateway cities of North Asia.

The group's presence in Tokyo is part of a joint venture with one of Japan’s largest developers, Mitsubishi Estate Co Ltd, to own, develop and manage serviced residences in the country. The venture combines Ascott’s expertise in managing serviced apartments with Mitsubishi Estate’s local knowledge of the property market.

Somerset Azabu East
Purpose-built for expatriate executives and their families, Somerset Azabu East provides broadband Internet access, a fully-equipped kitchen and television with satellite channels. It also offers maid services, 24-hour reception and security, and complimentary daily breakfast.

Guests at the residence will also enjoy Ascott's 'enriched living experience' programme, with support services to help them succeed in the city. These include activities to facilitate their business networking, community integration and family recreation in Tokyo.

Somerset Roppongi
The 64-unit Somerset Roppongi offers studio to two-bedroom apartments. A five-minute walk from Roppongi subway station on the Hibiya and Oedo Line, the serviced residence is also near subways stations such as Akasaka, Tameike-Sanno and Kamiyacho.

Ascott is also assisting with the management of 200 corporate leasing apartments in the Green Park Akasaka, Komazawa Garden House, Nakameguro Residence and Shochiku Square Residence, as part of its joint venture.

The Somerset Azabu East management contract is not expected to have any material impact on Ascott’s financial results for the current financial year.

 


About The Ascott Group 

The Ascott Group is a leading international serviced residence company with serviced residence units spanning the gateway cities of Europe, Southeast Asia, North Asia and Australasia.

Ascott's global presence comprises 13,500 serviced residence units in more than 100 properties across 37 cities in 15 countries. These cities include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Ho Chi Minh City, Kuala Lumpur, Tokyo, Shanghai and Beijing in Asia; and Sydney, Melbourne and Auckland in Australasia.

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 upper-tier brand offers stylish, contemporary living for senior to upper management executives. The mid- tier Oakford brand in Australia and Citadines brand in Europe provide corporate executives with comfortable city residences.

Listed on the mainboard of the Singapore Exchange, the Group is the serviced residence arm of CapitaLand Limited, one of the largest listed property companies in Asia.

For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit the Group’s website at www.the-ascott.com.

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