Ascott, the serviced-residence business unit of CapitaLand, will open a new “The Residence”-branded property in Japan. Ascott Marunouchi Tokyo is slated to open in 2017, ahead of the 2020 Olympics due to be held in the city.
Lee Chee Koon, Ascott’s Chief Executive Officer, said: “The 2020 Olympics in Tokyo is expected to have an economic impact of about ¥3 trillion [US$30 billion] and attract 8.5 million visitors. Japan’s government is also aggressively attracting multinational companies to set up their regional headquarters or research and development centres in the country. This will create significant demand for quality accommodation. To meet the strong demand, Ascott plans to expand in Japan through investments, management contracts and lease agreements.”
The property was acquired through a master lease agreement with Mitsubishi Estate Company (MEC), one of the country’s largest real-estate developers.
Located in the Marunouchi-Otemachi area, Ascott Marunouchi Tokyo will be part of a new mixed-use development by MEC. The district houses several multinational companies and major Japanese banks.
In addition, the area has also recently gone through a revamp that has resulted in several high-end retail outlets setting up shop around the area, making Marunouchi an attractive alternative to the ever-busy Ginza and Omotesando shopping districts.
The serviced residence will be linked to the Otemachi subway station and is a 10-minute walk from the main Tokyo train station. Among the attractions close to the property is the Imperial Palace.
Ascott Marunouchi Tokyo will offer 129 apartments, ranging from studios to three-bedroom units with separate working and sleeping areas. In addition, guests looking for a more local touch can choose to stay in apartments that come with traditional tatami mattresses. Facilities will include a swimming pool, rooftop terrace, gymnasium, reading lounge, business centre and several meeting rooms.
For more information, visit www.the-ascott.com