Ascott Secures Its Third And Fourth Citadines Serviced Residences In Bangkok
Ascott to secure fifth Citadines in Bangkok way before 2010 as part of its agreement with Thailand’s Thakral family
Singapore, 11 May 2006 - The Ascott Group (Ascott) has secured its third and fourth serviced residence under the Citadines brand as part of Ascott’s partnership agreement between its wholly-owned Citadines Bangkok (S) Pte Ltd and Boutique Group Ltd owned by Mr Prabsharan Singh Thakral and his family. Under the agreement, Ascott is taking a 49 percent equity stake in the two new properties to be named Citadines Bangkok Sukhumvit Boulevard and Citadines Bangkok Sukhumvit Green. It has also secured the contracts to manage these properties for 10 years, with an option to renew for another 10 years. Ascott’s agreement with the Thakral family to secure five Citadines serviced residences in Bangkok by 2010 was first announced in December 2005. Ascott’s first two Citadines serviced residences in Bangkok are Citadines Bangkok Sukhumvit Lake and Citadines Bangkok Sukhumvit Asoke.
Mr Liew Mun Leong, Ascott’s Deputy Chairman, and President and CEO of its parent company CapitaLand Group said: “Through this joint venture with the Thakral family, Ascott will strengthen its leadership position in Thailand’s serviced residence market. Ascott currently captures over 20 percent of Bangkok’s upper-tier serviced residence market under The Ascott and Somerset brands, and is now poised to introduce the Citadines brand in the city. The Citadines brand, which is a well-established hospitality brand name in Europe, will also be rolled out in other Asian cities. To date, besides the four Citadines in Bangkok, Ascott will open six Citadines serviced residences in China.”
Mr Cameron Ong, Ascott’s Managing Director and CEO said: “We have made excellent progress. With the four Citadines serviced residences that we’ve secured in Bangkok, we are ahead of our schedule and confident of securing the fifth property way before 2010. All the properties, four Citadines properties of about 480 units and three Somerset properties of about 780 units, are located within the Sukhumvit area which is a prime location. It is Bangkok’s main commercial street as well as a popular shopping district frequented by expatriates and business travellers. With these properties along the Sukhumvit area, Ascott is able to achieve its goal of maximising options for our guests.”
“Ascott is leveraging on the increasing demand by young expatriates and business travellers for prime grade and smaller sized studio units that offer good value. Currently, there is no existing serviced residence that is purpose-built to address these needs. Citadines is the ideal model to cater to the needs of this niche segment of customers. It offers studio, one and two bedroom units as well as flexible services which enable residents to customise the services they require according to their lifestyles,” added Mr Ong.
Citadines Bangkok Sukhumvit Boulevard and Citadines Bangkok Sukhumvit Green
Ascott has formed two separate joint venture companies with Thailand’s Thakral family to develop the two new Citadines serviced residences. Ascott will hold 49 percent of the joint venture companies, while the remaining will be held by Thailand’s Thakral family.
The 128-unit Citadines Bangkok Sukhumvit Boulevard, to be developed by joint venture company Boutique Realty Ltd, is located at Soi 11 of Sukhumvit Road. The 130-unit Citadines Bangkok Sukhumvit Green, developed by Boutique Boulevard Ltd, is at Soi 8 of Sukhumvit Road. The two properties are slated to open in the second half of 2007 and second half of 2008 respectively.
Located near the two serviced residences are a wide range of facilities, including retail, food & beverage and entertainment outlets, hospitals, international schools and embassies. The properties are also within five minutes’ walk from the BTS station, and easily accessible via the expressway to the existing Don Muang Airport and the Suvarnabumi Airport which is scheduled to open by end 2006.
The two new serviced residences mentioned above will bring Ascott’s Citadines portfolio in Asia to 10 serviced residences, with a total of over 1,500 units. Of the 10 serviced residences, six are in China and four in Bangkok. Ascott plans to open its first two Citadines serviced residences in Bangkok - Citadines Bangkok Sukhumvit Lake and Citadines Bangkok Sukhumvit Asoke – in the second half of this year and the second half of 2007 respectively.
Ascott’s three Somerset properties in the Sukhumvit area include the current Somerset Lake Point and Somerset Suwan Park View, as well as the new Somerset Grand Sukhumvit, which is scheduled to open in the first half of 2008.
About The Ascott Group
The Ascott Group is a leading international serviced residence company with more than 16,000 serviced residence units in key cities of Asia Pacific, Europe and the Middle East.
Ascott's global presence spans 43 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Pattaya, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing, Xi’an and Hong Kong in Asia; Sydney, Melbourne and Auckland in Australia / New Zealand as well as Dubai in the Middle East.
Headquartered in Singapore, The Ascott Group pioneered Asia Pacific's first branded luxury serviced residence in 1984. The Group also established the world’s first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust in 2006. Today, Ascott 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 the ‘Innovative Capital Venture’ award at the 2006 China Hotel Investment Summit, 2006 ‘China’s Top 100 Serviced Apartments’ award, Korea Times’ ‘Best International Serviced Residence Brand’ award, the ‘Highly Commended Deluxe Accommodation’ award at the 2005 Tasmanian Tourism Awards, ‘Best Accommodation’ at the 2005 World Travel Awards, TTG Asia Media’s 2005 ‘Best Serviced Residence Operator’ award, and the Business Traveller Asia Pacific’s 2005 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence’ awards. For a full list of 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
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