Ascott Signs 4 New Properties

Ascott has signed four new contracts to manage over 850 units in four growing Asian markets.

The new management contracts mark Ascott’s first property in the cities of Yogyakarta (Indonesia) and Miri (Malaysia).

Ascott has also secured a property in Binh Duong province (Vietnam) and added a second serviced residence in Seoul, which is its third in South Korea.

Of the four new properties, Citadines Han River Seoul will be the first to welcome guests from Q1 2016. The remaining three properties - Citadines Punaka Yogyakarta, Somerset Arcadia Miri and Citadines Central Binh Duong - will be ready in 2018.

Citadines Han River Seoul

Citadines Han River Seoul is Ascott’s first Citadines-branded serviced residence in Seoul and its third property in South Korea where it has more than 1,000 units.

The signing of the management contract for the 149-unit Citadines Han River Seoul comes just ahead of the recent opening of Citadines Haeundae Busan – Ascott’s largest operational serviced residence with 468 units.

Situated along the scenic Han River, Citadines Han River Seoul is a five-minute walk to Seonyudo subway station and is two subway stations away from Yeouido Business District where the Korea Stock Exchange and many finance, technology and media companies are located.

Citadines Punaka Yogyakarta

The 308-unit Citadines Punaka Yogyakarta will be the first serviced residence and the tallest building in Yogyakarta, Indonesia’s second most popular tourist destination which is known for its Borobudur Temple, listed as one of UNESCO’s World Heritage sites.

Industrial growth in Yogyakarta is supported by infrastructure developments including a planned second international airport and new seaport scheduled to open in the next few years.

The serviced residence is a 10-minute drive from Malioboro shopping district and a 30-minute ride from the current Adisutjipto International airport.

Citadines  Punaka Yogyakarta will provide Ascott with a strong foothold in the growing city and expand the company’s portfolio in Indonesia to 12 serviced residences with over 2,600 units.

Somerset Arcadia Miri

The 200-unit Somerset Arcadia Miri is in the city centre of Miri, Malaysia’s petroleum hub and a shopping and dining destination frequented by travellers from neighbouring Brunei.

Timber, oil palm and shipbuilding are also major economic drivers of Miri that will generate demand for the serviced residence.

Somerset Arcadia Miri is near the Central Business District and strategically located in Marina ParkCity, which is home to a new township.

The serviced residence is situated within Arcadia Square that also comprises offices and Victoria Plaza. It is within close proximity to the city bus terminal and a 20-minute drive to Miri Airport.

Somerset Arcadia Miri is Ascott’s 11th serviced residence in Malaysia.

Citadines Central Binh Duong

In Vietnam, the 200-unit Citadines Central Binh Duong is located at the Southern Key Economic Zone’s manufacturing hub.

The government announced a master plan to develop Binh Duong into a centrally-run municipality by 2020. The province is home to approximately 30 operating industrial parks with 200,000 employees and is also where two out of five Vietnam Singapore Industrial Parks are situated.

Binh Duong has consistently ranked among the nation’s top destinations for foreign direct investment (FDI). In the first half of this year, Binh Duong has already attracted US$1 billion worth of FDI, contributing significantly to Vietnam’s US$6.3 billion FDI in the same period.

Citadines Central Binh Duong is part of a development that also houses retail shops, food and beverage outlets and other recreational amenities. It is close to several malls and international schools, and is within a 40-minute drive to Ho Chi Minh City via the highway.

Ascott’s entry into Binh Duong will expand the company’s portfolio in Vietnam to more than 2,400 units in 15 properties across five localities.