CapitaLand's Ascott beefs up Thailand portfolio with new 133-unit property

Citadines Grand Central Sri Racha will open in 2014.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has extended its footprint to Thailand’s Eastern Seaboard economic region. It has won a contract 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 enhance Ascott’s pole position as the largest international serviced residence owner-operator in Thailand with over 1,800 apartment units across 10 properties.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Thailand is ranked amongst the world's best emerging markets for investors. Its resilient economy, pro-investment policies, skilled workforce and business infrastructure continue to be attractive to foreign investors. In 2012, total foreign direct investment in Thailand reached more than THB980 billion, the highest in the past 10 years.

Besides having a strong presence in Bangkok, Ascott sees significant potential in expanding to Thailand’s Eastern Seaboard where many multinational companies are based. By bringing Citadines to Sri Racha, Ascott will have 76 Citadines-branded properties in 45 cities globally.”

Mr Arthur Gindap, Ascott’s Regional General Manager for Thailand and Philippines, said: “Sri Racha is home to the Laem Chabang port, the fourth busiest container port in Southeast Asia.

It is situated amidst thousands of hectares of industrial estates which house multinational companies involved in automotive, electronics, petrochemical and steel manufacturing such as Fujitsu, Sony, ExxonMobil and Bridgestone.

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. Citadines will offer guests the flexibility to choose the services they require to customise their stay.”