Thursday, February 26, 2009

First Citadines Serviced Apartments Hit 70% Occupancy

Source : The Straits Times, Feb 26, 2009

THE first Citadines serviced apartment complex opened here by the Ascott company is already doing brisk business.

The firm said the 154-unit block in Wilkie Road - called Citadines Singapore Mount Sophia - is about 70 per cent occupied a month after its Jan 9 opening.

Ascott, which is wholly owned by CapitaLand, now has seven serviced apartment complexes here under its Ascott, Somerset and Citadines brands as well as two unbranded developments.

Occupancy at most of its properties is now hovering around 80 per cent, compared with more than 90 per cent at its five Somerset properties last May.

Clients at Citadines Singapore Mount Sophia include corporate guests and academics from the nearby Singapore Management University.

The development is part of the 12-storey Wilkie Edge, a CapitaCommercial Trust's development comprising offices, retail space and eateries.

The building was 70 per cent leased, according to the trust last month.

Ascott will open the first Citadines serviced apartments in Tokyo on Sunday. The 160-unit Citadines Tokyo Shinjuku is jointly owned by Ascott and Mitsubishi Estate. It will be the 11th Citadines property in Asia.

There is a minimum stay of seven nights at the Citadines development here, as with most serviced apartments in Singapore. The 146-unit Ascott Raffles Place, which had its soft opening last July, has a hotel licence allowing it to offer daily stays.

Ascott, which brought the Citadines brand to Asia in 2006, aims to open 11 more Citadines properties in the region by 2011, said Mr Gerald Lee, the chief executive of its hospitality management arm Ascott Hospitality.

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