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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Nuran Serviced Residences, a part of Emaar Hospitality GroupEmaar Hospitality GroupLoading…, plans to target leisure segment in the GCC to boost its occupancy levels, said a senior executive of the hospitality company.
Socrates Alvaro, General Manager, Nuran Serviced Apartments, told Emirates Business: “The big opportunity lies in the GCC market, especially in Saudi Arabia, Qatar and Kuwait.”
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The Oakwood Cromwell Road in London, a collection of well appointed studio, one, and two-bedroom apartments, as well as a penthouse floor plan featuring a roof top terrace, has opened for business.
The accommodations are housed in a converted period building in a location where the availability of serviced apartments is limited.
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Hong Kong’s property market saw a diverging performance between the sales and leasing sectors in 2Q 2009.
The sales sector across the Grade A office, luxury residential, industrial and retail markets has been stimulated by the inflow of ample liquidity into Hong Kong, reflected by the significant rise in the sales activity. However, the leasing sector in the four markets remained on the downside since occupational demand was weak in the midst of the ongoing global and Hong Kong economic slowdown. These findings were analysed in the Hong Kong Knowledge Report – July 2009, the quarterly report covering Grade A office, luxury residential, industrial and retail markets in Hong Kong.
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With an unrivalled reputation for conceptualizing, developing and operating exclusive and stylish hotels and resorts worldwide, GHM (General Hotels Management) is on a rapid expansion course with no less than nine new properties under development across Europe, Middle East, Asia and North America.
Founded in 1992 by Amanresorts creator Adrian Zecha and Hans Jenni, the current GHM portfolio of 14 properties in nine countries will expand to 23, with new openings in the pipeline in Mexico, Oman, Greece, Bulgaria, Switzerland, Dubai, China and Bali over the next three years.
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Quest Serviced Apartments opened its doors in Shepparton on July 6, spending $13.5 million on the new development and providing much-needed corporate accommodation to the town’s agricultural visitors. The new complex will service the accommodation needs of the local farming and food production industries, but also welcomed technology, government department and bank guests travelling to the town for business in its first two weeks of operation.
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