Ascott To Acquire Serviced Residence In Singapore's Upcoming Arts, Learning & Entertainment Hub
Singapore, 29 August 2007 - The Ascott Group (Ascott) has signed a conditional agreement with CapitaCommercial Trust and CapitaLand Selegie Private Limited to acquire interests in a 99-year leasehold serviced residence at Wilkie Road for S$79.3 million. The serviced residence is part of Wilkie Edge, an integrated lifestyle development comprising offices, retail, food and beverage outlets. The acquisition is subject to approval from Ascott's shareholders and other relevant parties.
The 154-unit serviced residence to be named Citadines Singapore Mount Sophia is targeted to be opened in the first half of 2009.
Ms Jennie Chua, Ascott's President & CEO said: "Citadines Singapore Mount Sophia is strategically located in the heart of Singapore's upcoming Arts, Learning and Entertainment hub in the Bras Basah-Bugis area. It is in the city centre with excellent access to the Central Business District and the shopping and entertainment attractions of Orchard Road. Strong demand for extended-stay accommodation, the vibrant real estate market, and the property's attractive location are reasons for Ascott to acquire leasehold interests in the serviced residence instead of only managing the property for fee income. This will enable us to maximise shareholder returns."
Citadines Singapore Mount Sophia will be Ascott's first Citadines-branded serviced residence in Singapore. The serviced residence will offer travellers value and flexibility in their stay through a menu of services to suit their lifestyle and budget as they only need to pay for the services they require. It will cater to the young and trendy, expatriates working in the creative services community as well as foreign students and academia from the nearby Singapore Management University, Nanyang Academy of Fine Arts and LaSalle College of The Arts.
The property is a 10-minute walk to Dhoby Ghaut Mass Rapid Transit Station. It is also within walking distance to Prinsep Street, a prime food and beverage and entertainment zone with a variety of restaurants, cafes and pubs.
With this latest project, Ascott will have 1,042 units in 11 properties in Singapore, including its flagship serviced residence Ascott Singapore Raffles Place which is targeted to be opened in the first half of 2008.
With the addition of Citadines Singapore Mount Sophia, Ascott will have 15 Citadines in Asia and 44 Citadines in Europe by 2010, including those under development.
About The Ascott Group
The Ascott Group is the largest international serviced residence owner-operator outside the United States with over 19,200 serviced residence units in key cities of Asia Pacific, Europe and the Gulf region. This includes 5,200 units which are under development.
The Group operates three brands - Ascott, Somerset and Citadines. Its portfolio spans 51 cities in 22 countries, nine 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 TravelWeekly Asia Industry Awards 2007 'Best Serviced Residence (Group)', 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.asp
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.
For more information on The Ascott Group’s property listings, visit Group Directory Listing.
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