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CapitaLand’s serviced residence unit, The Ascott Limited (Ascott) – the world’s largest international serviced residence owner-operator, has entered into a strategic partnership with Quest Serviced Apartments (Quest) – the largest serviced apartment provider with 112 properties in Australia.

Ascott expects to invest up to AUD500 million (S$560 million) to acquire new properties that Quest will secure for its franchise in Australia over the next five years. Ascott will have a right of first refusal to acquire the properties sourced by Quest. Quest will then provide a lease for the properties, which will be operated under franchises using the Quest brand.

In addition, Ascott has signed an agreement to acquire a 20% stake in Quest for AUD28.8 million (S$32.3 million). As part of the agreement, Ascott has the option to increase its stake in Quest to 30%.

Ascott Reit Expands To Greater Sydney By Acquiring Three Serviced Residences For AUD83.0 Million

In a separate agreement, Ascott’s real estate investment trust, Ascott Residence Trust (Ascott Reit), will acquire three operating serviced residences in Greater Sydney from Quest for AUD83.0 million (approximately S$93.0 million). These are Ascott Reit’s maiden acquisitions in New South Wales.

Ascott logoQuest serviced apartment

The accretive acquisitions at an EBITDA yield of 7.7% are expected to increase Ascott Reit’s FY 2013 distribution per unit from 8.40 cents to 8.46 cents on a pro forma basis.

Ascott Reit will receive fixed rent by taking over the leases for the three serviced residences – Quest Sydney Olympic Park, Quest Campbelltown and Quest Mascot – and they will continue to be operated under franchises using the Quest brand.

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The Ascott Limited’s (Ascott) premier Ascott Jakarta has been named ‘Leading Serviced Apartment and Suite’ at the Indonesia Travel and Tourism Awards 2011/2012. The awards recognise outstanding brands and individuals in Indonesia’s travel and tourism industry for their top quality services.

Mr Kenneth Rogers, Ascott’s Country General Manager for Indonesia, said: “We are honoured to receive this prestigious award. This is a testament of Ascott’s international service standards and our signature hospitality that is the hallmark of our strong brand reputation. At Ascott, we create memorable experiences for our residents through our unique LIFE approach to service excellence – providing a Local touch; respecting our guest’s Individuality; offering the Feeling of home; and Exceeding expectations.”
“Beyond providing an accommodation, our staff go the extra mile to make residents feel right at home. For instance, our staff teach Bahasa Indonesia to help residents understand and appreciate the local culture. We also take residents on tours of the local markets to introduce them to the Indonesian lifestyle. Our guests appreciate this warm hospitality and many of them have chosen Ascott as their preferred home away from home year after year. We are thankful for their continuous support,” Mr Rogers added.

To deliver the Ascott experience to its guests, staff are imbued with Ascott’s service values and they undergo specially designed training programmes at Ascott’s global training centre in Singapore, the Ascott Centre for Excellence. Apart from providing guests with personalised services, the exclusive Ascott Jakarta enjoys a prime location in the heart of Jakarta’s business and shopping district with a wide range of entertainment and dining options. Ideal for executives on business trips, relocation or on holiday, the serviced residence is close to various business institutions, embassies, attractions, the Convention Centre and major shopping malls such as Plaza Indonesia Shopping Complex, Grand Indonesia Shopping Town and Jakarta City Centre Shopping Mall.

Ascott Jakarta offers 198 spacious and elegantly designed apartments that range from studios to three-bedroom penthouses. Each apartment provides a fully-equipped kitchen, separate living and dining areas, home entertainment system and other modern amenities. Larger apartments with two or more bedrooms also come with a maid’s room. The extensive facilities at the serviced residence include a swimming pool, sauna, tennis court, fully-equipped gymnasium, aerobics studio, children’s playground and meeting rooms.

Ascott is currently the largest international serviced residence owner-operator in Indonesia with close to 1,900 serviced apartment units across 9 properties in Jakarta, Surabaya and Bali. This includes the new Citadines Rasuna Jakarta and Citadines Kuta Bali (both properties are scheduled to open in 2012), Ascott Kuningan Jakarta (opening in 2013) and Somerset Kencana Jakarta (opening in 2014). Besides Ascott Jakarta, Ascott currently operates Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Country Woods Jakarta.

The Ascott Limited is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 6,000 units which are under development, making a total of more than 28,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 14 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 27-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller Asia-Pacific Awards 2011 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, Business Traveller UK Awards 2011 ‘Best Serviced Apartment Company’, TTG Travel Awards 2011 ‘Best Serviced Residence Operator’ and TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’.

About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has opened its third Citadines serviced residence in Xi’an. The new 138-unit Citadines Xingqing Palace Xi’an strengthens Ascott’s leadership position as the largest international serviced residence owner-operator in Xi’an and in China. Ascott currently also operates Citadines Central Xi’an (162 units) and Citadines Gaoxin Xi’an (251 units) while Somerset Gaoxin Xi’an (233 units) is expected to open in 2013. All four properties are in prime locations in the Hi-Tech Development Zone or the business district of Xi’an and are close to many tourist spots. In China, Ascott has about 7,000 apartment units in 38 properties across 16 cities.

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “Xi’an has immense potential for serviced residences. As a key economic hub in Central West China, foreign direct investments have been growing with many multinational companies such as IBM, Intel, Fujitsu and NEC setting up their national R&D centres in the city. Xi’an is also a famous tourist destination attracting millions of foreign and domestic travellers every year with its many historic sites. The opening of our third Citadines in Xi’an will enable us to cater to the strong demand for accommodation from business and leisure travellers. Moving forward, high growth cities such as Xi’an will remain an important market for Ascott as we seek to expand our China portfolio to 12,000 units by 2015.”

Citadines Xingqing Palace Xi’an is a five-minute walk to the historic Xingqing Palace Park, a popular tourist attraction built on the ruins of the palace dating back to the Tang dynasty. The serviced residence is also close to many shopping and entertainment outlets such as the Lifeng International Shopping Square, Jiaoda Computer Mall and Hongye Cinema. Academics and students from the nearby universities including Jiaotong University will find great convenience living in the new Citadines property.

Citadines Xingqing Palace Xi’an provides travellers with a comfortable and homely environment to suit individual lifestyles. Each of the spacious studios to two-bedroom apartments has a fully-equipped kitchen, an ensuite bathroom and separate work and sleeping areas. The serviced residence offers 24-hour reception, 24-hour security, meeting rooms, WiFi zones and business support services. For recreation, guests can make use of the fullyequipped gymnasium, sauna, steam room or yoga room. Residents also have the flexibility to choose from services including grocery shopping, laundry, dry cleaning and meal delivery to customise their stay experience.

To celebrate the opening of Citadines Xingqing Palace Xi’an, Ascott is offering introductory rates which start from RMB 350 for a studio. The rates are valid until 31 December 2011. For enquiries and reservations, please, call 400 820 1028 or

CapitaLand Group’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott) has won a contract to manage its first serviced residence in Iskandar Malaysia, the nation’s southern gateway.
According to a press statement by Ascott, “The contract to build the new 204 unit Somerset Puteri Harbour Iskandar was awarded by Nusajaya Consolidated Sdn Bhd. The residence building is scheduled to open in the Nusajaya flagship economic zone in 2013.”
Ascott chief executive officer, Lim Ming Yan, commented on Malaysia’s strong growth potential for Ascott owing to its resilient economy and attractiveness as a destination for foreign direct investments.
The Malaysian government had also invested significant resources to develop the Iskandar Malaysia region which attracted over RM70 billion worth of investments.
Lim further opined that the region thus spurred opportunities for serviced residences, which Ascott intended to grasp by being the first international serviced residence provider in Nusajaya. By doing so, it hopes to tap on the burgeoning demand for quality accommodation from travellers and expatriates.

Ascott Southeast Asia and Australia managing director, Alfred Ong added that this new contract was a delightful addition to its Malaysian network and hoped to leverage it to further strengthen its position in the country.
“With the addition of this new property in Iskandar Malaysia, we now have a strong growth pipeline of more than 900 units which are scheduled to open in Malaysia over the next five years,” Ong enthused.
The Somerset Puteri Harbour Iskandar Malaysia is located within Nusajaya. Being a mere 25 minutes away from Johor’s Senai International Airport, it is easily accessible, with a convenient array of restaurants, stores and cafes.
The property offers spacious apartment units ranging from studio apartments to three-bedroom units t
hat come fully furnished with modern amenities. It also boasts of facilities such as swimming pool, gymnasium and lounge.
With regards to its future developments, Ascott planned its opening of Citadines Uplands Kuching in 2012, Ascott Sentral Kuala Lumpur in 2013, among many others in the pipeline
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