CapitaLand’s Ascott wins Thai deal

CapitaLand’s Ascott wins Thai deal

Capitaland's The Ascott has extended its footprint to Thailand's Eastern Seaboard economic region with a contract win 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 will cement Ascott's position as the largest international serviced residence owner-operator in Thailand with more than 1,800 apartment units across 10 properties.

Home to the Laem Chabang port, the fourth-busiest container port in South-east Asia, Sri Racha is situated amid industrial estates which house multinational companies involved in automotive, electronics, petrochemical and steel manufacturing, such as Fujitsu, Sony, ExxonMobil and Bridgestone.

Said Arthur Gindap, Ascott's regional general manager for Thailand and Philippines: "As Citadines Grand Central Sri Racha will be the first international branded serviced residence to open in Sri Racha, Ascott will enjoy first-mover advantage in catering to the strong demand for quality accommodation from expatriates and business travellers working in the region."

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. Facilities include a gymnasium, a pool and onsen (hot spring).

The project is located close to retail outlets, such as Robinson department store, restaurants, international schools, and medical facilities. It is a 30-minute drive from Pattaya.

CapitaLand shares closed one cent higher at $3.13.

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