Ascott, a unit of property giant CapitaLand, will manage a new 133-unit serviced residence project in the Sri Racha district of Thailand’s Chonburi province.
Scheduled to open in 2014, Citadines Grand Central Sri Racha is the 10th property in Thailand for the serviced residence operator and its first outside of Bangkok.
The move strengthens Ascott’s position as the biggest international player in the country with over 1,800 serviced apartments.
Studios and one- and two-bedroom apartments featuring a fully-equipped kitchen as well as separate work and living areas are available, while facilities include a gymnasium and swimming pool.
A Robinson department store, restaurants, international schools and medical facilities are located nearby. Meanwhile, the popular beach resort of Pattaya is only 30 minutes drive away.
Commenting, Lee Chee Koon, Ascott’s Chief Executive Officer, said: "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."
Image: Citadines Grand Central Sri Racha. (Source: The Ascott Limited)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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