Ascott Increases Leading Presence in Bangkok's CBD, Secures Management Of A Prime Serviced Residence
The Ascott Group, a leading international serviced residence company, has further increased its strong presence in Bangkok’s CBD. It has secured the management of a prime serviced residence off Sathorn Road, the city’s main financial district.
The property will be renovated and launched in July as Somerset Park Suanplu, with 243 stylish one to three bedroom suites, a swimming pool, gym, restaurants and landscaped gardens.
The residence is located in the prime CBD office area close to banks, financial institutions, large companies, embassies and international schools, and a 15 minute walk to the BTS Skytrain station. Ascott will manage the property for five years with the option to renew for another five.
The group is the largest international serviced residence operator in Bangkok with over 814 serviced apartments in four properties in the prime Sathorn and Sukhumvit areas. Somerset Park Suanplu will bring its portfolio to over 1,000 units in Bangkok.
Ascott operates over 13,800 serviced apartments in 40 cities in 17 countries across Asia Pacific and Europe. It is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.
Ascott’s chairman, Mr Lim Chin Beng, said: "Bangkok presents one of the most exciting serviced residence markets in Asia today. Thailand’s GDP and FDI are expected to grow healthily over the next few years, and there is higher foreign business participation in major projects in the country. Suvarnabhumi international airport, which will open this year, will add to Bangkok’s growing profile as a regional business and air hub."
Mr Liew Mun Leong, Ascott’s deputy chairman and president and CEO of its parent company, CapitaLand Limited, said: "Bangkok is one of our gateway cities for the CapitaLand group in Asia as we steadily build our presence in the residential, hotel and serviced residence sectors.
"For Ascott, demand for serviced residences is rising as more multinational firms set up office in Bangkok and the number of corporate executives on assignment in the city increase. Ascott’s strategy is to focus its growth in two central business hubs, Sathorn and Sukhumvit, and offer its multinational clients a wide range of serviced apartment choices at different price points, for their various staff and project budgets."
The upper-tier Somerset Park Suanplu, is a kilometre down Sathorn Road from the group’s 177-unit luxury The Ascott Sathorn. In the Sukhumvit CBD area, the group operates the 152-unit Somerset Suwan Park View, 358-unit Somerset Lake Point and 127-unit Omni Tower.
Ascott’s chief executive officer, Mr Cameron Ong, said: "Our residences are performing well in Bangkok. Our business proposition is relevant to companies who need their staff to be productive on overseas assignments. We provide corporate executives with a hassle-free, highly efficient and nurturing environment to live in, work and network successfully in the city."
He added that occupancies at Somerset Park Suanplu should rise quickly, once it is refurbished to the Somerset brand standards, and marketed to Ascott’s customer base of international companies through its global sales and marketing network.
He said the management contract for Somerset Park Suanplu is in line with the group’s strategy to increase its fee-based income as it expands its portfolio in key markets in Asia Pacific and Europe.
The management contract is not expected to have any material impact on the net tangible assets or earnings per share of the Ascott Group for the current financial year.
About Ascott’s Other Serviced Residences in Bangkok
The Ascott Sathorn – 177 units
Located in Bangkok’s prime CBD office area, the residence is one of the city’s leading luxury-serviced residences. It is close to the Chong Nonsi and Surasak Skytrain stations, and the Silom and Sukhumvit shopping and entertainment districts. Facilities include a swimming pool, day spa, fitness centre, sauna and steam rooms, fine dining restaurants and a business centre. Units range from studio to three-bedroom suites.
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/NZ; 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 21-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. The group 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 & Financial Review awards at the 2004 Singapore 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