Serviced residence provider Ascott continues to expand its Asian footprint by securing four new management contracts that will add over 850 units to the existing 42,000 in 94 cities across 26 countries.
First on the list is Citadines Han River Seoul, due to open in Q1 2016. Featuring 149 serviced apartments, it will follow the recent opening of Citadines Haeundae Busan – Ascott’s largest operational serviced residence with 468 units.
Citadines Han River Seoul will overlook the river and is a five-minute from Seonyudo subway station. It is also two stations away from Yeouido Business District, home to the Korea Stock Exchange as well as finance, technology and media companies.
The three other properties – Citadines Punaka Yogyakarta, in Indonesia, Somerset Arcadia Miri, Malaysia, and Citadines Central Binh Duong in Vietnam – will all begin operations in 2018.
Citadines Punaka Yogyakarta will be the first serviced residence in the Javanese city, known for its fast-growing manufacturing, trade and creative sectors. Housed within the tallest building in Yogyakarta, the 308-unit development is a 10-minute drive from Malioboro shopping district and 30 minutes from Adisutjipto International airport.
Somerset Arcadia Miri will be in Miri’s CBD, Malaysia’s hub for petroleum, timber and palm oil industries. The 200-unit residence will be near Arcadia Square, which also comprises offices and the soon-to-open Victoria Plaza retail outlets.
Citadines Central Binh Duong, just north of Ho Chi Minh City, will be part of a mixed-used development in the Southern Key Economic Zone. It will be part of a development consisting of retail shops, F&B outlets and recreational amenities. A spokesman for Ascott says Binh Duong is one of the nation’s top destinations for foreign direct investment, having already attracted US$1 billion so far this year.
For more information, visit the-ascott.com
Clement Huang
