Ascott Increases Presence In Dubai With Third Serviced Residence
The Ascott Group, a leading international serviced residence company, is rapidly expanding its presence in Dubai, to become one of the largest serviced apartment operators in the Gulf region. It has secured a contract to manage its third serviced residence in the city, The Greens.
The property is near the Emirates Golf Course, Dubai Internet City and American University of Dubai. Dubai Internet City is a regional hub for multinational information technology companies including Microsoft, Oracle, HP, IBM, Compaq, Dell, Siemens, Sony Ericsson and Canon.
The 350-unit The Greens will open in the second half of the year, offering studio to two-bedroom serviced apartments, and corporate leasing units. The management contract from EMAAR Properties, one of the Gulf region’s largest developers, spans five years with the option to renew for another five years.
Ascott is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies. EMAAR Properties, with an asset base of over US$6 billion, is listed on the Dubai Financial Market. The government of Dubai owns a 32 per cent stake in the company.
Ascott will also open the 90-unit Somerset Al Majara, Dubai Marina serviced residence at mid-year, and the 181-unit The Ascott Burj, Dubai in the first quarter 2006. This will make Ascott a major international serviced residence operator in Dubai.
Somerset Al Majara is part of Dubai Marina, slated to be the world’s largest waterfront development at Sheikh Zayed Road. The Ascott Burj, Dubai is part of the prestigious Burj Dubai development which includes the Burj Dubai Tower, designed to be the world’s tallest skyscraper, and Dubai Mall, the world’s largest retail complex at nine million sq ft.
Dubai – Good Entry Point To Gulf Region
Ascott’s chairman, Mr Lim Chin Beng, said: "Dubai is a good entry point for Ascott to grow its serviced residence business and brands in the Gulf region. In recent years, Dubai has developed into a key financial, investment and banking centre."
Ascott’s deputy chairman, and president and CEO of its parent company CapitaLand Limited, Mr Liew Mun Leong, said: "Dubai has a growing financial services sector and it is an attractive place for multinational companies to do business. Ascott’s third serviced residence in Dubai will enable it to tap the increasing foreign business activity in the city.
"CapitaLand Group’s continued expansion in the hospitality and property services sectors will be augmented by building a network of investors in the Gulf region who are interested in the Asia Pacific area."
Mr Cameron Ong, Ascott’s chief executive officer, said: "Most of Dubai’s population is expatriate and there is a limited supply of international standard serviced residences. The average occupancy for medium term accommodation is over 80 per cent. We see sustained demand for serviced residences."
The Greens, which comprises three residential blocks around a courtyard, is part of Emirates Living, Emaar’s 40 sq km signature development at Sheikh Zayed Road.
The Green’s modern apartments are equipped with the latest communications technology and smart fittings. The development is set amid a lush landscape with quaint private courtyards. Facilities include a swimming pool, children’s pool and fully-equipped gym.
The management contract is not expected to have any material impact on the group’s net tangible assets or earnings per share for the financial year ending December 31 2005.
Ascott’s Other Serviced Residences In Dubai
Somerset Al Majara, Dubai Marina - 90 units
Opening at mid-year 2005, the residence is part of Dubai Marina, designed to be the world’s largest waterfront development. The development is strategically located at Sheikh Zayed Road, close to the Dubai Internet city and American University of Dubai. Facilities include a swimming pool, gym and children’s playroom. Units range from one to three-bedroom suites.
The Ascott Burj, Dubai - 181 units
Scheduled to open in 2006, the residence is part of a landmark development that includes the Burj Dubai Tower, slated to be the world’s tallest skyscraper, and Dubai Mall, the world’s largest retail complex at nine million sq ft. Facilities include a swimming pool, gym and children’s playroom. Units range from studio suites to penthouses.
About The Ascott Group
The Ascott Group is a leading international serviced residence company with over 14,000 serviced residence units in the key cities of Europe, Asia Pacific and the Gulf region.
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 .