CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), today launched its first Citadines serviced residence in Malaysia – Citadines Kuching Uplands. This reinforces Ascott’s lead as the largest international serviced residence owner-operator in the country.
With Citadines Kuching Uplands and other properties due to open in Malaysia, Ascott’s operating apartments in thecountry will more than double from the current 455 units to a total of 1,168 units across nine properties by 2013. The company has recently clinched a management contract for its second Ascott branded serviced residence in Kuala Lumpur, while its third Somerset property in Malaysia will open next year.
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The serviced apartment market in Asia is ready for a franchised model, according to Quest chairman Paul Constantinou. Speaking at the recent Serviced Apartments Asia Conference in Singapore, Mr Constantinou joined representatives from the industry in highlighting the resilience of the sector through recent threats such as the SARS virus and global economic crisis.
Quest is the biggest player in the Australasian serviced apartment industry, with properties in Australia, New Zealand and Fiji. The company does not have properties in Asia, but is known and respected in the region.
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Founder of Shama Serviced Apartment’s, Elaine Young stumbled into the hospitality field by accident. While styling show flats in Hong Kong, Young discovered that discerning design and creative layouts were ammunition enough for a new business venture. Soon she was inventing what was to be the first serviced apartment concept in the city.
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The Ascott Limited is planning to open two more serviced apartment complexes with Raffles City in the southern cities of Hangzhou and Ningbo, Lee said, adding that “this will be a perfect way to cater to our residents’ various living needs.”
Ascott Limited, a major operator of upscale apartment complexes in Beijing, opened its fourth serviced residential development in the capital city Wednesday, but analysts are lukewarm on the market’s prospects.
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The Macau Ignite Media Group, a collection of 10 media companies in Macau, was officially launched today. The Group, which includes companies specializing in online, print, and out-of-home media, also laid out its vision for the future of Macau, Asia’s fastest growing entertainment destination.
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