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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.
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. The listed entities in the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
