Singaporean real estate company CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has acquired the rights to manage its first Citadines-branded property in South Korea.
This will complement the company’s first serviced residence in South Korea, Somerset Palace Seoul, which opened its doors back in 2005.
When it opens in the second half of 2015, Citadines Haeundae Busan will offers 468 units and be the largest Ascott property globally. The addition will see Ascott's portfolio grow to 79 properties across 49 cities worldwide.
Citadines Haeundae Busan will be situated in the Haeundae area, close to BEXCO – one of South Korea’s largest exhibition and convention centres. The property is also located near Shinsegae Centum City – one of the largest department stores in the world, as well as popular tourist attractions such as Haeundae Beach and Busan Aquarium.
Lee Chee Koon, Ascott’s chief executive explained the decision of developing a property in Busan by stating: “Busan is South Korea's second largest metropolis after Seoul. It is home to the world’s fifth busiest seaport and is a leading tourist destination in South Korea. There is a growing expatriate community working in the shipbuilding, oil and gas, automotive and electronic manufacturing industries in Busan”.
Connectivity from the serviced residence will be excellent since a transportation hub consisting of a metro station, railway station and bus terminal is located right next door. The KTX train station and Busan Gimhae International Airport are a 20-minute and 40-minute drive away from Citadines Haeundae Busan respectively.
Little information has been revealed about the property itself but we do know that it will be part of a mixed-used development that will also consist of retail shops and a cinema. Studios and one-bedroom apartments will be offered, and facilities will include a gymnasium, rooftop garden, laundry room and breakfast lounge.
For more information, visit the-ascott.com
Clement Huang
