Ascott Secures Management Contract For Eighth Property, Somerset Gordon Heights in Australia
Singapore, 7 June 2007 – The Ascott Group (Ascott) has secured a contract from Ascott Residence Trust (ART) to manage an existing serviced residence located in Melbourne’s Central Business District. Ascott will manage the 43-unit property, Somerset Gordon Heights - its eighth in Australia – for five years, with the option to renew the contract for another five years.
Mr Cameron Ong, The Ascott Group’s Managing Director and CEO said: “Australia is an important market for Ascott; we currently operate seven properties in Hobart, Melbourne and Sydney. Melbourne is not only a popular location for meetings, incentive travel, conventions and exhibitions, it is also an attractive destination for major international sporting events. As such it is able to attract a steady flow of business and leisure travellers alike. Together with Somerset Gordon Place and Somerset on Elizabeth, we are confident in increasing our market share in Melbourne and maintaining our competitive position by attracting a mix of long and short-stay business from corporate accounts and the leisure sector.”
Mr Chong Kee Hiong, Ascott Residence Trust Management Limited’s (ARTML) CEO said: “We awarded the management contract to The Ascott Group as it has a proven track record in Melbourne with the existing properties performing well under its management. As the Group is managing Somerset Gordon Place which is situated directly opposite Somerset Gordon Heights, it is able to offer unmatched synergies and operational economies of scale through the sharing of common facilities.”
A five-storey serviced residence, Somerset Gordon Heights is situated at 19-25 Little Bourke Street and offers 43 fully-furnished studios, one and two-bedroom apartment units and two-bedroom penthouses. It is a short five-minute walk away from the Bourke Street tram stop, and is surrounded by theatres, numerous restaurants, cafés, department stores and government buildings including the State Parliament.
With the addition of Somerset Gordon Heights, Ascott currently operates more than 520 units in eight properties across Australia.
About The Ascott Group
The Ascott Group is the largest international serviced residence owner-operator outside the United States with over 19,000 serviced residence units in key cities of Asia Pacific, Europe and the Gulf region. This includes 5,400 units which are under development.
The Group operates three brands – Ascott, Somerset and Citadines. Its portfolio spans 48 cities in 21 countries, eight of which are new cities where Ascott’s serviced residences are being developed. Ascott’s properties can be found in cities including London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing and Hong Kong in Asia; Sydney, Melbourne and Auckland in Australia / New Zealand, as well as Dubai in the Gulf region.
The Ascott Group is headquartered in Singapore. It pioneered Asia Pacific's first branded luxury serviced residence in 1984. It also established the world’s first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust in 2006. Today, the Group boasts a 23-year industry track record and serviced residence brands that enjoy recognition worldwide.
The Ascott Group’s achievements have been recognised internationally. Recent awards include China 2007 ‘Top 100 Serviced Apartments Award’, Vietnam Economic Times 2006 ‘Golden Dragon Award’, The Asset’s 2006 ‘Triple A Country Award for Best Deal in Singapore’, Travel Weekly China 2006 ‘Best Serviced Residence’, Business Traveller China 2006 ‘Best Serviced Residence Brand in China’, TTG Travel 2006 ‘Best Serviced Residence’, 2006 World Travel Awards, Business Traveller Asia Pacific 2006 ‘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, The Ascott Group is the serviced residence arm of CapitaLand Limited, one of the largest listed real estate companies in Asia. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East. The company's real estate and hospitality portfolio spans more than 90 cities in over 20 countries.
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