ASCOTT THAILAND REVEALS ITS STRATEGIC PLAN FOR 2017

Real Estate Press Releases Wednesday February 15, 2017 09:47
--15 Feb--The Ascott Limited
ASCOTT THAILAND REVEALS ITS STRATEGIC PLAN FOR 2017Has added seven of serviced residences that are scheduled to open progressively from this year till 2024

CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott) has announced its business plan for Thailand after in 2016 posting a remarkable performance by achieving its target of 3,000 units with 18 properties across Bangkok, Pattaya and Sri Racha."In 2016 Ascott's growth in terms of property number is pretty steady and well planned." says Mr Jean Keijdener, Ascott's Country General Manager for Thailand. "We have opened Metropole Bangkok - Asia's first unique luxury serviced residence under The Crest Collection and also launched the first phase of Somerset Ekamai Bangkok which is Ascott's first mixed-use development in Thailand. Besides that, we have clinched a management contract for The Park at EM District Managed by The Ascott Limited, the upscale Bangkok's serviced residence in the highly sought-after Sukhumvit soi 24. Our company also managed to sustain stability in occupancy rates especially amongst long-stay business which is our main target audience."

Mr. Keijdener also stated that "Talking about Ascott's direction for 2017, the company has achieved record breaking 10,000 units globally in 2016 making this Ascott's highest increase in inventory count in a single year. In 2017 we will be opening more than 30 properties around the world boosting our fee income when the properties stabilise. Having greater scale gives us a stronger negotiating power with partners and vendors it will also enable us to better invest in capabilities such as technologies and new systems to enhance our competitiveness.

The Ascott still expects a strong and continuous growth in Thailand. After the expansion of our operations to the Eastern Seaboard, we continue to explore opportunities in many potential regions and key cities of Thailand. More properties are set to be opened in the next 18 months, with 4 properties already in the pipeline; Citadines Jomtien Beach Pattaya, Citadines North Pattaya, Somerset Maison Asoke Bangkok and Somerset Habourview Sri Racha.

Another project to be highlighted is Somerset Ekamai Bangkok, Ascott's first mixed-use development housing the 130 units of serviced residences, 81 units of corporate lease and a multifunction conference centre with 51 urban community rooms set in a co-living environment. After launching its first phrase in August last year, the whole project will open in Q2 this year. With Somerset Ekamai Bangkok will also be great future benefits in growing MICE segment from government and medical association."

Currently Ascott is the largest international serviced residence owner-operator in Thailand, with 18 properties and more than 3,000 units across Bangkok, Pattaya and Sri Racha (including under development projects). All well-appointed properties are nestled in prime business and entertainment districts, designed for discerning expatriates and travellers on business or leisure.

For more information on Ascott's properties, please visit www.the-ascott.com

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