The Ascott Limited (Ascott), CapitaLand’s serviced residence business unit, has secured a master lease agreement with Mitsubishi Estate Company, one of Japan’s largest property developers, to operate the 129-unit Ascott Marunouchi Tokyo.
In a statement, Ascott said the building is slated to open in 2017, ahead of the 2020 Olympics to be held in Tokyo.
Ascott Marunouchi Tokyo comes with full facilities and apartments range from studios to three-bedrooms.
Located within Marunouchi-Otemachi in Tokyo’s central business district, the serviced residence will be part of a mixed-use development comprising offices and retail outlets that is linked to a subway station. Several multinational companies and the headquarters of major Japanese banks are based in the area.
Tourist attractions such as the Ginza entertainment district and the Imperial Palace are also nearby.
Lee Chee Koon, Ascott’s Chief Executive Officer, said: "We see great potential to expand in the world’s third largest economy. Japan is already rebounding from the impact of monetary easing, fiscal stimulus and reforms."
He added that Ascott plans to expand in Japan through investments, management contracts and lease agreements.
Ascott currently operates about 360 serviced apartment units in Citadines Shinjuku and Somerset Azabu East in Tokyo, and Citadines Karasuma-Gojo in Kyoto.
In addition to serviced residences, the firm has 40 properties with more than 2,800 apartment units for corporate leases across 10 major cities including Tokyo, Osaka, Nagoya and Fukuoka.
Image: Artist’s impression of the facade of Ascott Marunouchi Tokyo.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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