18 Jun
2003

Ascott Opens New Serviced Residence In Bangkok

The Ascott Group, a leading international serviced residence company, today (June 18) opened Somerset Suwan Park View, a 152-unit serviced residence in Bangkok, Thailand.

Somerset Suwan Park View offers prime location in the city's central business district, within walking distance of the Chidlom and Ploenchit skytrain stations and Ploenchit Road shopping belt. The residence is also close to embassies, parks and financial institutions.

Ascott has secured the contract to manage the property for five years, with the option to renew for another five years.

Ascott is the largest serviced residence operator in the Asia Pacific, with more than 13,500 serviced residence units in 37 cities across Europe, Asia and Australasia. In Bangkok, the group operates over 700 serviced residence units.

Mr Eugene Lai, Ascott's chief executive officer, said: "With Somerset Suwan Park View, Ascott will have more than 17 per cent share of the upper-tier serviced residence market in central Bangkok, making us a leading market player. The additional units from this residence will enable us to leverage further economies of scale and improve margins by clustering operations across our properties in the city."

"Our Bangkok residences continue to perform strongly, leading the market with more than 90 per cent occupancy. Somerset Suwan Park View is tapping Ascott's global marketing network and proven operational systems to rapidly build up its occupancy," he added.

Marketed under the group's Somerset brand of upper-tier serviced residences, the property is targeted at senior to upper management executives.

Purpose-built to provide stylish living for expatriate executives and their families, the residence comprises fully-furnished one to three-bedroom suites with broadband Internet access, a home entertainment system with DVD and MP3 capabilities, and a fully-equipped kitchen. Facilities include a swimming pool, gym, sauna, business centre and restaurant.

In line with Ascott's goal to provide its guests with a nurturing home and support community, Somerset Suwan Park View's 'enriched living experience' programme for its guests will include activities to facilitate their business networking, community integration and family recreation in Bangkok.

Ascott also operates the 350-unit Somerset Lake Point, 92-unit Somerset Thonglor and 118-unit Omni Tower serviced residences in Bangkok.

The Somerset Suwan Park View management contract is not expected to have any material impact on Ascott's financial results for the current financial year.


 

About Ascott's Other Properties in Bangkok, Thailand 

Somerset Lake Point - 350 units
Located in the heart of the trendy Sukhumvit district, the residence is near restaurants, entertainment spots, and shopping centres. It is connected by a walkway to the Asoke Skytrain Station. Facilities include two swimming pools, restaurants and a business centre. Units range from studio to two-bedroom suites.

Somerset Thonglor - 92 units
Located off Sukhumvit Road and close to New Petchburi Road, the residence is near shopping malls, fine restaurants and entertainment centres. The Thonglor Skytrain Station is a stroll away. Facilities include two swimming pools, a business centre and residents' lounge. Units range from studio to four-bedroom suites.

Omni Tower - 118 units
The residence is near the Sukhumvit shopping and entertainment strip. It is also close to other shopping districts such as Chidlom, Rama I and Silom. Facilities include a swimming pool, business centre and gym. Units range from studio to two-bedroom suites.

The Ascott Sathorn -166 units (opening Q1, 2004)
Located in the central business district, the residence is within walking distance of Suksa Witthaya and Chong Nonsi skytrain stations and the Silom Road commercial and entertainment area. Facilities include a restaurant, fitness centre and residents' lounge. Units comprise studio to three-bedroom suites.

 



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

Betsy Tan, Executive
Tel: (65) 6586 7234 Hp: (65) 9641 6920 Fax: (65) 6586 7202
Email: betsy.tan@the-ascott.com