Ascott to unveil its premiere property in Dubai

Ascott Park Place Dubai furnished with premier serviced residence occupying 15 floors of the 56-storey building.

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has brought its premium Ascott brand to Dubai, United Arab Emirates through a management contract for the 118-unit Ascott Park Place Dubai in the prime commercial area of the city, according to an Ascott report.

Ascott will operate the property from 1 October 2010 and rebrand it as Ascott Park Place Dubai by the end of 2010 upon completion of some upgrading works. The premier serviced residence occupies 15 floors of the spectacular 56-storey Park Place Tower, a high-end mixed use development that also comprises Grade A offices with prominent tenants such as Pictet & Cie, The Royal Bank of Scotland and the Hong Kong Trade Development Council.

Strategically situated in the heart of Dubai‟s central business district on Sheikh Zayed Road, the serviced residence is close to the Dubai International Financial Centre and a mere 10-minute walk from the Dubai International Convention and Exhibition Centre. The Dubai World Trade Centre metro station is located just across the road from Ascott Park Place Dubai, allowing convenient access to major shopping malls and popular beaches in the vicinity. The property is also a short drive away from the Dubai International Airport and easily accessible via major transportation networks.

Mr Ronald Tay, Chief Investment Officer of The Ascott Limited, who oversees Ascott‟s business 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 business and leisure travellers spacious and luxurious one-, two- and three-bedroom apartments as well as double-storey loft apartments.

All apartments come with a fully-equipped kitchen, ensuite bathrooms, modern amenities such as an iPod docking station, complimentary wireless Internet access and floor-to-ceiling windows, providing residents a breathtaking view of Dubai city or the Arabian Gulf. Residents of Ascott Park Place Dubai can also enjoy facilities such as a 40-metre temperature-controlled swimming pool, a rooftop gymnasium with state-of-the-art equipment, steam and sauna rooms as well as a restaurant.

With the addition of Ascott Park Place Dubai, Ascott has a total of 636 apartment units in four serviced residences across three cities in the Gulf region. Ascott currently operates the 118-unit Somerset Al Fateh in Manama, Bahrain and the 200-unit Somerset West Bay in Doha, Qatar. Ascott also has plans for a 200-unit Ascott Bahrain at Raffles City Bahrain.