SINGAPORE – Ascott company’s newly launched Citadines serviced apartment complex is already showing a good performance.
The 154-unit block Citadines Singapore Mount Sophia located in Wilkie Road is about 70 percent taken just a month after its launch on 9 January 2009, the firm stated.
There are seven serviced apartment complexes of CapitaLand’s Ascott all throughout Singapore so far, under its Citadines, Ascott and Somerset brands, plus two unbranded developments.
About 80 percent of Ascott’s properties have already been occupied, compared with over 90 percent at the company’s Somerset properties for the previous month of May.
Citadines Singapore Mount Sophia’s clients are mainly academics and corporate guests coming from the neighbouring Singapore Management University. A development of CapitaCommercial Trust consists of eateries, retail space and offices called Wilkie Edge that enfolds the development. As indicated by the previous month’s trust, around 70 percent of the 12-storey building was leased.
The launching of the first Citadines serviced apartments in Japan’s capital, Tokyo, is set to take place on Sunday. Mitsubishi Estate and Ascott jointly own this 160-unit development, which will become Asia’s eleventh Citadines property.
Citadines in Singapore accommodates at least seven nights of stay, as with the majority of the serviced apartments all across the island. The Ascott Raffles Place, which is a 146-unit development that opened last July, possesses a hotel licence enabling it to provide customers with daily accommodations.
It was back in 2006 when Ascott first introduced the Citadines brand to the Asian region. Mr. Gerald Lee, Ascott Hospitality’s hospitality management arm chief executive, stated that the company intends to launch 11 more Citadines properties in Asia by 2011.