Ascott, a wholly-owned serviced residence arm of CapitaLand, is bringing its premium brand into Dubai through a management contract for a premier serviced residence in the prime commercial area of the city.
The company will operate a 118-unit property starting tomorrow and will rebrand it as Ascott Park Place Dubai by end of this year, when some upgrading works have been completed.
The development occupies 15 floors of the 56-storey Park Place Tower, a luxury mixed-used project that also comprises Grade A offices with tenants like The Royal Bank of Scotland, Hong Kong Trade Development Council and Pictet & Cie.
Strategically located in Dubai’s CBD on Sheikh Zayed Road, the property is within the proximity of Dubai International Financial Centre, Dubai International Convention and Exhibition Centre, The Dubai World Trade Centre and Dubai International Airport.
Mr. Ronald Tay, chief investment officer of The Ascott Limited, who oversees the company’s business operations in the Gulf region, said: “Dubai remains an important market for Ascott in the Gulf region. With its developed infrastructure and well-educated expatriate workforce, Dubai continues to attract multinational companies to set up offices in this international financial hub. Moreover, the Emirate hosts a wide array of international business, sports and leisure events throughout the year and these events attract a large number of foreign visitors annually. This provides a steady source of customers for our serviced residence. To strengthen our presence in the Gulf region, we will continue to actively look for opportunities in the United Arab Emirates, as well as in Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.”
Ascott Park Place Dubai will offer high-end and spacious one-, two- and three-room units, as well as double-storey loft apartments to business and leisure travellers. All units will feature ensuite bathrooms, a fully-equipped kitchen and modern amenities like an iPod docking station, floor-to-ceiling windows and complimentary wireless Internet access.
With Ascott Park Place Dubai, Ascott will now have a total of 636 apartment units in four serviced residences across three cities in the Gulf region, including the 200-unit Somerset West Bay in Doha, Qatar and the 118-unit Somerset Al Fateh in Manama, Bahrain.