CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has brought its premier Ascott The Residence brand to Tokyo through a master lease agreement with Mitsubishi Estate Company (MEC), one of Japan’s largest real estate developers.
SINGAPORE – The 129-unit Ascott Marunouchi Tokyo is slated to open in 2017, ahead of the 2020 Olympics to be held in the city. Ascott currently operates about 360 serviced apartment units in Citadines Shinjuku and Somerset Azabu East in Tokyo, and Citadines Karasuma-Gojo in Kyoto. In addition to serviced residences, Ascott has 40 properties with more than 2,800 apartment units for corporate lease across 10 major cities including Tokyo, Osaka, Nagoya and Fukuoka.
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “We see great potential to expand in the world’s third largest economy. Japan is already rebounding from the impact of monetary easing, fiscal stimulus and reforms.”
“The 2020 Olympics in Tokyo is expected to have an economic impact of about JPY 3 trillion and attract 8.5 million visitors. Japan’s government is also aggressively attracting multinational companies to set up their regional headquarters or research and development centres in the country. This will create significant demand for quality accommodation. To meet the strong demand, Ascott plans to expand in Japan through investments, management contracts and lease agreements.”
He added: “Since opening our first Ascott-branded serviced residence in Singapore in 1984, we have expanded this exclusive brand to 24 cities across Asia, Europe and the Gulf region. Our first Ascott in Tokyo will provide refined and luxurious living when it opens in 2017.”
“Expatriates and travellers to Japan will also be able to choose from all three of our award-winning brands of serviced residences – Ascott, Citadines and Somerset. With MEC’s ability to develop world class properties and Ascott’s strong branding and hospitality capabilities, we are confident that Ascott Marunouchi Tokyo will provide a memorable experience for discerning customers.”
Mr Naoto Aiba, MEC’s Executive Vice President, said: “The arrival of a premier Ascott-branded serviced residence will play a crucial role in reinforcing Tokyo’s competitive position in the international arena. We look forward to its success and further strengthening our partnership with Ascott.”
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