22 Oct
2004

Ascott Opens Luxury-Tier Serviced Residence In Bangkok CBD

The Ascott Group, a leading international serviced residence operator, is launching its first luxury-tier serviced residence in Bangkok, the 177-unit The Ascott Sathorn, at end October.

The property will be officially opened by Thailand’s Deputy Prime Minister, Mr Chaturon Chaisang, and Singapore’s Minister of National Development, Mr Mah Bow Tan, on Tuesday Oct 26 in Bangkok.

Ascott’s fourth property in the city, The Ascott Sathorn will extend its penetration of Bangkok’s market to the luxury segment. The group is the largest international serviced residence operator in Bangkok.

The Ascott Sathorn boasts prime location in the central business district, minutes from the Silom and Sukhumvit shopping and business areas, and a short walk to the Chong Nonsi and Surasak skytrain stations.

Purpose-built to be one of Ascott’s finest flagship residences in Asia Pacific and to set new industry benchmarks, the property features some of the most luxurious interior fittings and facilities in serviced residences.

In the hospitality industry, it is the first in Bangkok to offer wireless internet connectivity throughout, and features one of the largest health centres in Asia Pacific at 3,500 sq metres. The health complex has a large gym with sophisticated fitness equipment, swimming pool, jacuzzi, steam and sauna rooms, and a spa with massage and therapeutic facilities.

Ascott’s chairman, Mr Lim Chin Beng, said: "The Ascott Sathorn will reinforce the group’s leadership of Bangkok’s upper tier serviced residence market, where it already commands a 14 per cent market share. We expect continued healthy demand for serviced apartments in the central business district, as the expatriate population expands with the increasing foreign business activity in Bangkok."

Mr Liew Mun Leong, Ascott’s deputy chairman and president and CEO of its parent company, CapitaLand Limited, said: "Thailand is increasingly an important gateway city for the Capitaland Group. We have increased our presence in the country through joint ventures with prominent partners, such as the TCC Group, to grow CapitaLand’s real estate and hospitality businesses.

"With its GDP growth forecast at 6.4 per cent, and foreign direct investment to increase to US$2 billion this year, Thailand will have a robust economic and investment climate. Bangkok’s higher profile as a business and air hub has spurred greater interest from foreign companies, and more multinational firms have expanded their business in the country. We are confident that demand for internationally-managed serviced residences will remain strong."

Mr Cameron Ong, Ascott’s chief executive officer, said: "Thailand is seeing the higher participation of foreign companies with its major new infrastructural projects, and emphasis on high tech, communications and R&D. We expect more project based expatriates working for multinational companies in the financial services, insurance, consulting and telecommunications sectors at our residences."

The Ascott Group operates more than 13,800 serviced apartments in 40 cities in 17 countries across Asia, Europe, Australia and New Zealand. Ascott is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.

Luxury Interiors

The Ascott Sathorn is the group’s eighth luxury-tier serviced residence worldwide. Targeted at top executives, the residence features state-of-the-art communications equipment. Guests can access wireless Internet in their apartments or anywhere in the property, and meeting rooms provide extensive video conferencing and audio-visual equipment.

Its designer studio and one to three-bedroom suites feature the latest home theatre systems in spacious living rooms. The bedrooms boast king-sized beds, feather bedding and marble bathrooms, while the fully-equipped kitchens are stocked with fine-bone china. Other facilities include a business centre, residents’ lounge, cafes and fine dining restaurants.

Occupancies at The Ascott Sathorn will benefit from the group’s large customer base of multinational companies, international sales and marketing network and global operational infrastructure.

In Bangkok, the group also operates the 152-unit Somerset Suwan Park View, 358-unit Somerset Lake Point and 127-unit Omni Tower serviced residences.

Ascott’s serviced residences help guests and their families settle down in an unfamiliar city by offering a supportive community, and organising activities to help them build networks, understand the culture and lifestyle, and enjoy family recreation.

Last month, Ascott announced its market entry into Seoul with a 348-unit serviced residence; and in Suzhou, China with the 167-unit Somerset Chongrui. It also announced the 239-unit Citadines Jinqiao, its first mid-tier Citadines brand serviced residence in Asia, in Shanghai’s prime Huang Pu business district.

Citadines is Europe’s largest branded serviced residence chain with 5,000 serviced apartments in France, Belgium, Germany, Spain and UK. Ascott will complete its acquisition of the Citadines chain at end October.

Worldwide, Ascott manages the luxury-tier The Ascott, upper-tier Somerset and mid-tier Citadines brands of serviced residences.

The serviced residence opening is not expected to have any material impact on the group’s financial results for the current financial year.

 


 

About Ascott’s Other Serviced Residences in Bangkok 

Somerset Suwan Park View – 152 units

Centrally located on Wireless and Tonson roads, the residence is near embassies and the offices of major international companies. It is close to the Ploenchit skytrain and 20-minutes’ drive to Don Muang International Airport. Facilities include a swimming pool, gym, steam and sauna rooms, restaurants and a business centre. Units range from one to three-bedroom suites.

Somerset Lake Point – 358 units

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

Omni Tower - 127 units
The residence is near the Sukhumvit shopping and entertainment strip. It is also close to the shopping districts of Chidlom, Rama I and Silom. Facilities include a swimming pool, business centre and gym. Units range from studio to two-bedroom suites.

 



About The Ascott Group

The Ascott Group is a leading international serviced residence company with 13,800 serviced residence units in the key cities of Europe and Asia Pacific.

Ascott's global presence spans 40 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai and Beijing in Asia; Sydney and Auckland in Australia and New Zealand; and Dubai in the Gulf region.

Through its marketing alliance with Equity Corporate Housing, the group also offers upper-tier serviced apartments throughout the US. Headquartered in Singapore, The Ascott Group pioneered the Asia Pacific’s first branded luxury serviced residence in 1984. Today, it boasts a 20-year industry track record and serviced residence brands that enjoy 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 Citadines brand provides corporate executives with comfortable city residences.

Recent awards the group has clinched include the 2004 Business Traveller Best Serviced Residence Brand and Best Serviced Residence property in Asia Pacific awards. Earlier this year, it took the Number One position in the 2004 China’s Top 100 Serviced Residences ranking for its eight properties in China. Ascott also won the 2004 Vietnam Economic Times’ Best Service in Serviced Apartments awards in Hanoi and Ho Chi Minh City, and Best Annual Report and Best Operating and Financial Review awards at Singapore’s 2004 Annual Report Awards.

Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies. Headquartered in Singapore, CapitaLand’s core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. The company's hospitality businesses in hotels and serviced residences span more than 60 cities around the world.

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

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

Lilian Goh, Manager
Tel: (65) 6586 7231 Hp: (65) 9795 5225 Email: lilian.goh@the-ascott.com