The Ascott Limited
Encyclopedia
The Ascott Limited is the world's largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as about 6,000 units which are under development, making a total of more than 28,000 units. Its portfolio spans over 70 cities across 20 countries.
The Ascott Limited is a wholly owned subsidiary of CapitaLand Limited, one of Asia's largest real estate companies. The Ascott was delisted from the Singapore Exchange
in 2008 after a compulsory acquisition. Some of the reasons cited were; "Accelerated growth in key areas by tapping on CapitaLand's more established real estate
development and financial services
capability" and "Greater cost savings through sharing of services and resources".
In 1998, Pidemco Land* set up Somerset International, its new serviced residence arm. It acquired Liang Court Holdings, one of Asia's largest serviced residence operators, to form Somerset Holdings. Together, these two companies had a combined portfolio of 3,200 serviced residence units in 15 cities.
Scotts Holdings merged with Stamford Group, the serviced residence arm of DBS Land* to form The Ascott Limited, creating a joint portfolio of more than 1,700 units in eight cities.
Citadines merged with Orion, and Whitehall and Westmont later sold its tourist-oriented Orion serviced residences to focus on its business clientele.
In 2001, The Ascott Limited was listed following the merger of Somerset Holdings and The Ascott Limited in 2000. In the following year, Ascott acquired a 50 percent stake in Citadines, which made it the largest international serviced residence operator outside the US.
In 2002, it acquired the remaining 50 percent interest in Citadines. The company now owns the three brands: Ascott, Somerset and Citadines.
Ascott The Residence provides a range of serviced residence type ranging from studio to three-bedroom apartments. Business support services, meeting and recreational facilities can be found within most residences. Most of the properties are located in the heart of Central Business District
s(CBDs).
]
]
Most apartments include kitchens, separate dining areas and living areas to modern and business services. Its residence type ranges from studios to large three bedroom units.
The Ascott Limited is a wholly owned subsidiary of CapitaLand Limited, one of Asia's largest real estate companies. The Ascott was delisted from the Singapore Exchange
Singapore Exchange
Singapore Exchange Limited is an investment holding company located in Singapore and providing different services related to securities and derivatives trading and others. SGX is a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges FederationSingapore Exchange...
in 2008 after a compulsory acquisition. Some of the reasons cited were; "Accelerated growth in key areas by tapping on CapitaLand's more established real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
development and financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
capability" and "Greater cost savings through sharing of services and resources".
History
The past two decades saw merger and acquisition activities involving real estate and hospitality players in Singapore like Scotts Holdings, Pidemco Land, Somerset International, Liang Court, Stamford Group and DBS Land. These developments eventually led to the establishment of The Ascott Limited, the largest serviced residence owner-operator outside the United States, with a global presence spanning over 60 cities around the world. In 2006, the company established the world's first pan-Asian serviced residence real estate investment trust, the Ascott Residence Trust (Ascott REIT). Then in 2009, The Ascott Group Limited celebrated 25 successful years as the top international serviced residence owner-operator.Establishment
The Scotts Holdings, a well-known Singapore corporation with business interests in serviced apartments, shopping centres and property investments, opened Asia Pacific's first international-class serviced residence—The Ascott Singapore on 14 August 1984. Scotts Holdings was listed in 1991.In 1998, Pidemco Land* set up Somerset International, its new serviced residence arm. It acquired Liang Court Holdings, one of Asia's largest serviced residence operators, to form Somerset Holdings. Together, these two companies had a combined portfolio of 3,200 serviced residence units in 15 cities.
Scotts Holdings merged with Stamford Group, the serviced residence arm of DBS Land* to form The Ascott Limited, creating a joint portfolio of more than 1,700 units in eight cities.
Citadines merged with Orion, and Whitehall and Westmont later sold its tourist-oriented Orion serviced residences to focus on its business clientele.
In 2001, The Ascott Limited was listed following the merger of Somerset Holdings and The Ascott Limited in 2000. In the following year, Ascott acquired a 50 percent stake in Citadines, which made it the largest international serviced residence operator outside the US.
In 2002, it acquired the remaining 50 percent interest in Citadines. The company now owns the three brands: Ascott, Somerset and Citadines.
Ascott Residence Trust
The first Pan-Asian serviced residence REIT, the Ascott Residence Trust (Ascott REIT), was established and listed on 31 March 2006 in Singapore. The Ascott Residence Trust has a combined portfolio of S$1.53 billion as at 1 April 2009, comprising 38 serviced residences and rental housing properties across seven countries. For the period 1 January to 31 March 2010, Ascott REIT achieved a revenue of S$43.5 million and gross profit of S$20.1 million.Ascott The Residence
Located in the business districts in cities across Asia Pacific, Europe and the Gulf region, Ascott The Residence provides serviced residences for business travellers and tourists. Some of the notable properties are Ascott Sathorn Bangkok, Ascott Kuala Lumpur, and Ascott Guangzhou, which came in top 3 for Serviced Residences in the Asia-Pacific region.Ascott The Residence provides a range of serviced residence type ranging from studio to three-bedroom apartments. Business support services, meeting and recreational facilities can be found within most residences. Most of the properties are located in the heart of Central Business District
Central business district
A central business district is the commercial and often geographic heart of a city. In North America this part of a city is commonly referred to as "downtown" or "city center"...
s(CBDs).
]
Citadines Apart'Hotel
The apart'hotels allows guests to choose only the services they require and are mainly located in metropolitan cities. Most of its apart'hotels can be found in Europe like Belgium, France, Georgia, Germany, Spain and United Kingdom. Citadines offer apartment types ranging from studio to two-bedroom with living room and kitchen.]
Somerset Serviced Residence
Somerset serviced residences are located mainly at the fringe of cities across the globe. These residences can be used by executives or families on vacations. They also provide various gatherings and activities for guests from time to time to help them get settled down.Most apartments include kitchens, separate dining areas and living areas to modern and business services. Its residence type ranges from studios to large three bedroom units.
Awards and Accolades
- Best Serviced Residence Operator (TTG Travel Awards 2005-2010)
- Best Serviced Residence Brand (Business Traveller Asia Pacific Awards 2004-2010)
- Best Serviced Residence Company (Business Traveller UK Awards 2007-2010)
- Best Serviced Residence Brand in China (Business Traveller China 2005-2010)
- Best Serviced Residence in Asia Pacific (DestinAsian Readers Choice Awards 2008-2011)
Membership
The Ascott Limited introduced its membership schemes for all of its 3 brands. This free online membership allows members to receive perks like special member rates and member promotions. In addition, members receive promotional offers through the regular newsletters across the year.Asia Pacific
- AustraliaAustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
- ChinaChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
- IndiaIndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
- IndonesiaIndonesiaIndonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
- JapanJapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
- Malaysia
- PhilippinesPhilippinesThe Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
- SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
- South KoreaSouth KoreaThe Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
- ThailandThailandThailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
- VietnamVietnamVietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
Europe
- BelgiumBelgiumBelgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
- FranceFranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
- GeorgiaGeorgia (country)Georgia is a sovereign state in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the southwest by Turkey, to the south by Armenia, and to the southeast by Azerbaijan. The capital of...
- GermanyGermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
- SpainSpainSpain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
- United KingdomUnited KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
Gulf Region
- BahrainBahrain' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
- QatarQatarQatar , also known as the State of Qatar or locally Dawlat Qaṭar, is a sovereign Arab state, located in the Middle East, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its...
- United Arab EmiratesUnited Arab EmiratesThe United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
