Ascott and EMAAR Mutually Terminate Management Contracts
The Ascott Group and EMAAR Properties PJSC have mutually agreed to terminate the management contracts for three serviced residence properties owned by EMAAR; namely, Somerset Al Majara, The Ascott Burj and The Greens.
Both parties have agreed to part amicably due to the different interpretation of requirements relating to product specifications.
The termination of the contracts is not expected to have any material impact on Ascott’s financial results for the current financial year.
Ascott has secured another management contract for an 84-unit serviced residence in Dubai’s Al Jadaf district, and is exploring other opportunities in the Gulf region.
Please refer to news release, Ascott Secures Management Contract for Serviced Residence in Al Jadaf, Dubai issued today - 28 Oct 2005 for more details.
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; as well as Sydney, Melbourne and Auckland in Australia/New Zealand.
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 .