Capitaland's serviced residence arm The Ascott has secured four contracts to manage more than 850 units in Asian markets.
Of the four new properties, Citadines Han River Seoul will be the first to welcome guests from 1Q 2016. The remaining three properties will be ready in 2018 - Citadines Punaka Yogyakarta, Somerset Arcadia Miri and Citadines Central Binh Duong.
The 149-unit 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. Korea's tourism market is expected to remain steady over the next few years, due to the sustained popularity of Korean culture and entertainment, relaxation of visa requirements as well as upcoming international events such as the Pyeongchang Winter Olympic Games in 2018.
The 308-unit Citadines Punaka Yogyakarta will be the first serviced residence and the tallest building in Yogyakarta, a vibrant city with fast-growing manufacturing, trade and creative sectors. The city is primed to be one of the industrial, commercial and trading hubs in Indonesia. Yogyakarta is also Indonesia’s second most popular tourist destination which is known for its Borobudur Temple.
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.
In Vietnam, the 200-unit Citadines Central Binh Duong is located at the Southern Key Economic Zone’s manufacturing hub. 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.
Capitaland is down 0.4% to $2.79 as at 10.17am
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Of the four new properties, Citadines Han River Seoul will be the first to welcome guests from 1Q 2016. The remaining three properties will be ready in 2018 - Citadines Punaka Yogyakarta, Somerset Arcadia Miri and Citadines Central Binh Duong.
The 149-unit 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. Korea's tourism market is expected to remain steady over the next few years, due to the sustained popularity of Korean culture and entertainment, relaxation of visa requirements as well as upcoming international events such as the Pyeongchang Winter Olympic Games in 2018.
The 308-unit Citadines Punaka Yogyakarta will be the first serviced residence and the tallest building in Yogyakarta, a vibrant city with fast-growing manufacturing, trade and creative sectors. The city is primed to be one of the industrial, commercial and trading hubs in Indonesia. Yogyakarta is also Indonesia’s second most popular tourist destination which is known for its Borobudur Temple.
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.
In Vietnam, the 200-unit Citadines Central Binh Duong is located at the Southern Key Economic Zone’s manufacturing hub. 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.
Capitaland is down 0.4% to $2.79 as at 10.17am
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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