Ascott extends footprint in Thailand

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), extended its footprint to Thailand’s Eastern Seaboard economic region. It won a contract to manage a 133-unit serviced residence in Sri Racha district, Chonburi province. Scheduled to open in 2014, the new Citadines Grand Central Sri Racha is expected to enhance Ascott’s position as the largest international serviced residence owner-operator in Thailand with over 1,800 apartment units across 10 properties.

Sri Racha is home to the Laem Chabang port, the fourth busiest container port in Southeast Asia. It is situated amid industrial estates that house multinational companies involved in automotive, electronics, petrochemical and steel manufacturing such as Fujitsu, Sony, ExxonMobil and Bridgestone. As Citadines Grand Central Sri Racha will be the first international branded serviced residence to open in Sri Racha, Ascott is expecting to enjoy first-mover advantage in catering to the demand for accommodation from expatriates and business travelers working in the region.

Citadines Grand Central Sri Racha will be located close to retail outlets such as Robinson department store, restaurants, international schools and medical facilities. It will also be a 30-minute drive from the beach resort of Pattaya.

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The serviced residence will offer a choice of studios, one- and two-bedroom apartments that come with a fully-equipped kitchen, separate work and living areas, as well as modern amenities.

In Thailand, Ascott currently operates nine properties in Bangkok. They are Ascott Sathorn, Citadines Sukhumvit 8, Citadines Sukhumvit 11, Citadines Sukhumvit 16, Citadines Sukhumvit 23, Somerset Lake Point, Somerset Park Suanplu, Somerset Sukhumvit Thonglor and Vic3.