Ascott launches second Citadines serviced residence in Thailand
The Group is on track with expansion of Citadines brand in Thailand
The Ascott Group (Ascott) is on track with the expansion of its Citadines brand in Thailand, as it launches its second Citadines serviced residence in the market. Just last month, Ascott launched its first Citadines serviced residence, Citadines Sukhumvit 16, as part of its joint venture with Thailand’s Thakral family to roll out five Citadines properties with about 500 units in Thailand by 2010.
Ascott’s second Citadines property in Thailand, Citadines Sukhumvit 23, will be located in Sukhumvit, Bangkok's thriving business district and a prime shopping belt. Citadines Sukhumvit 23 is within short walking distance from the BTS Skytrain and subway stations. A diverse range of amenities are available at Sukhumvit area, such as shopping centres, street markets, entertainment outlets, restaurants, hospitals, international schools, daycare centres, embassies and the Queen Sirikit National Convention Centre.
The 140-unit Citadines Sukhumvit 23 is targeted to be opened in the first quarter of 2008. Upon completion, Ascott will manage the property for a period of 10 years with an option to renew for another 10 years, subject to agreement from both parties. Citadines Sukhumvit 23 will offer studios and one-bedroom units as well as ala-carte services where residents can choose from a menu of services to suit their needs and pay for what they need.
Ascott’s Chief Executive Officer, Mr Cameron Ong said: “Thailand’s positive prospect as an investment location would ensure a steady supply of expatriate demand for serviced residences in the country, especially in the capital Bangkok. Sukhumvit, being a central business district and one of the popular shopping locations in Bangkok, is a prime location, so it makes business sense for us to establish our footprint there quickly.”
“Citadines Sukhumvit 16 is slated to be opened in the second half of 2006, and Somerset Grand Sukhumvit and Citadines Sukhumvit 23 are slated to be opened in the first quarter of 2008. Our target is to double the number of properties in Thailand by 2010. The opening of these three new properties in the Sukhumvit area will enable us to capitalise on economies of scale, and offer greater options in the types of rooms and services to cater to business executives working in that area,” added Mr Ong.
With the addition of Citadines Sukhumvit 23, Ascott has over 2,100 units in nine properties in Thailand. These include one Ascott-branded property, four Somerset-branded properties, two Citadines and the Omni Tower in Bangkok, as well as another Somerset in Pattaya. Somerset Nusasiri Pattaya is expected to be opened in the second half of 2006.
For the launch of Citadines Sukhumvit 23, Ascott has, through its wholly-owned Singapore-incorporated company, Citadines Bangkok (S) Pte Ltd, formed a joint venture company, Boutique Assets Limited, with Thailand’s Thakral family. Citadines Bangkok (S) Pte Ltd will hold 49 percent of Boutique Assets Limited, while the remainder of the shareholding will be held by the Thakral family. (For previous press release on Ascott’s joint venture with the Thakral family, visit https://www.the-ascott.com/investorinfo/news/news674.html).
The management and technical advisory agreements as well as the joint venture are not expected to have any material impact on the Ascott’s financial results for the current financial year.
About The Ascott Group
The Ascott Group is a leading international serviced residence company with over 15,000 serviced residence units in the key cities of Europe, Asia Pacific, and the Gulf region.
Ascott's global presence spans over 40 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Pattaya, 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 Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts a 22-year industry track record and serviced residence brands that enjoy recognition worldwide.
The Group operates three brands – The Ascott, Somerset and Citadines. Its achievements have been recognised internationally; it has clinched numerous prestigious awards including Korea Times’ ‘Best International Brand (Serviced Residence)’ by Somerset Palace Seoul, ‘Best Accommodation’ by The Ascott Metropolis Auckland in the 2005 World Travel Awards, TTG Asia Media’s Best Serviced Residence Operator award and the Business Traveller’s 2005 Best Serviced Residence Brand and Best Serviced Residence in Asia Pacific awards. For a full list of these awards, please visit : https://www.the-ascott.com/aboutus/awards_and_accolades.html?year=2007
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 Pacific, Europe and the Middle East. Its property and hospitality portfolio spans more than 70 cities in 17 countries.
For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com