Oakwood, a wholly owned subsidiary of Singapore-based Mapletree Investments, has signed deals to open Oakwood Suites properties in Bangkok and Yokohama, Japan.
The Oakwood Suites Bangkok is scheduled to open by the end of 2019, while the Oakwood Suites Yokohama, a Mapletree-owned property, is set to open in mid-2020.
Oakwood Suites Bangkok is located along Sukhumvit Soi 24 within the Phrom Phong district, close to the city’s central business district. The property will have 232 studios and one- or two-bedroom apartments.
The Oakwood Suites Yokohama, meanwhile, will have 175 apartments taking up floors 46 to 51 of The Tower Kitanaka, the largest and tallest residential building in Yokohama. The property will have direct access to the Bashamichi Train Station, a 30-minute train ride from Tokyo. The developers expect the property to be in demand for the 2020 Tokyo Summer Olympics.
"Oakwood Suites Yokohama will be our second Mapletree-owned serviced apartment in Japan, following Oakwood Apartments Azabudai, Tokyo," Chua Tiow Chye, deputy group chief executive officer of Mapletree, said in a statement. "As part of our business strategy, Mapletree will continue to pursue opportunities to develop and acquire assets and bring the Oakwood brand to global markets."
The Oakwood Suites product launched in December 2016 with the opening of Oakwood Suites La Maison Jakarta in Indonesia.