18 Oct
2005

Ascott Opens Somerset Palace Seoul - The Group’s Largest Somerset Serviced Residence

The Ascott Group today officially launched its first serviced residence property in Korea. Called Somerset Palace Seoul, the 432-unit serviced residence marks the opening of not only The Ascott Group’s first entry into South Korean market but also the opening of the largest serviced residence in the country.

In addition, Somerset Palace is the largest Somerset-branded serviced residence in Ascott’s portfolio of properties. Its inclusion expands Ascott’s global footprint to 17 countries and further entrenches its position as the leading international serviced residence chain in North Asia, and the largest operator in Asia Pacific and Europe.

The property was developed by the Shin Young Group, a leading real estate developer in South Korea. It is located in the prime Susongdong district, in the city’s main Kangbuk central business district on the north bank of the Han River.

Mr Liew Mun Leong, Ascott’s Deputy Chairman, and President and CEO of its parent company CapitaLand Limited, said: “Seoul is one of the key business cities in North Asia. Approximately 5.8 million business travellers visit South Korea annually. This figure is expected to grow by 15 percent each year. Hence, Ascott will be tapping on the growth in South Korea’s business travel to enhance its presence.”

Ascott’s Chief Executive Officer, Mr Cameron Ong said: "Ascott’s current portfolio in China and Japan includes more than 2,500 serviced residence units in 14 properties. With this new property in Seoul, Ascott offers close to 3,000 serviced residence units in North Asia. Since Somerset Palace’s soft launch in May, we have achieved over 60 percent in occupancy and we expect to see more guests, particularly those traveling from Japan to Korea for business.”

Modern conveniences amid rich cultural heritage

Somerset Palace overlooks the Gyeongbok presidential residence, and Kangbuk Central Business District, the most established of Seoul’s three major business districts. Nearby are multinational firms, banks, embassies, and the Changdeok Palace which was designated as a World Cultural Heritage in 1997. 

Somerset Palace also offers scenic views of Mount Bugaksan, one of Seoul’s highest mountains, and grounds of nearby palaces, including the Cheong Wa Dae and Changgyeong palaces. The Changgyeong Palace is well-known for its botanical gardens with 50,000 trees including apricot, cherry, peach and maple trees.

Attractive features and stylish interiors

Catering to top management executives, the 432-unit serviced residence provides high-speed broadband internet access, latest home entertainment systems and fully-equipped kitchens. Residents can enjoy the fitness centre, jacuzzi, children’s pool and residents’ lounge.

The property features studio, one-bedroom and two-bedroom suites. Purpose-built and designed to meet the needs of discerning international executives and expatriates who may be on business or leisure, each unit is tastefully furnished and well-equipped.
 



About The Ascott Group

The Ascott Group is a leading international serviced residence company with 15,000 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, Melbourne and Auckland in Australia/NZ; and Dubai in the Gulf region.

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-tier 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 Citadines brand provides corporate executives with vibrant urban lifestyle residences.

Recent awards the Group has clinched include TTG Asia Media’s ‘Best Serviced Residence’ award as well as the 2005 Business Traveller ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence property’ in Asia Pacific awards. In 2004, Ascott was also voted top by Business Traveller readers.

The Group has also won the First Position in the 2005 ‘China's Top 100 Serviced Residences’ ranking for its eight properties in China; 2005 Vietnam Economic Times' ‘Best Service in Serviced Apartments’ awards in Hanoi and Ho Chi Minh City; and 2005 Thailand Apartment Living’s ‘Most Innovative Serviced Residence’ award for The Ascott Sathorn in Bangkok. The Ascott in Malaysia was ranked among the top four best employers in Malaysia in a ranking compiled by Hewitt & Associates, a global human resource services firm, in their Best Employer in Asia 2005 study.

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, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities in Asia, Australia and Europe. Its property and hospitality portfolio spans 70 cities in 17 countries.

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