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Ascott unveils prototype in Singapore |
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| Somerset Bencoolen: a prototype.
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THE Ascott Group has opened its sixth property in Singapore – the 107-unit Somerset Bencoolen.
The property represents Ascott’s new prototype for the Somerset brand, where space is reconceptualised to maximise living areas for the guest and flexible space for the operator.
This includes having rotating panels so that TVs can be swivelled for viewing in the living room or bedroom, and sound-proofed sliding walls so two-bedroom apartments can be converted into one-bedroom ones when required.
Ascott’s newly appointed CEO, Mr Cameron Ong, said: “The property has only soft-opened and is already enjoying 91 per cent occupancy.
“It speaks volumes about its attractiveness and is also a reflection of the serviced residences market.”
Ascott deputy chairman, and president and CEO of its parent company, CapitaLand, Mr Liew Mun Leong, said: “The opening of Somerset Bencoolen is timely. Singapore’s estimated GDP growth of more than nine per cent in the first half of the year is reflected in the buoyant serviced residence market…With Singapore ranked as a preferred destination for MNC postings and a key regional financial centre, we expect the country to attract more foreign investments and higher expatriate arrivals, which are revenue drivers for the serviced residence business.”
The property is a 10-minute walk from the nearest MRT station, near theatres, art schools, museums, shopping malls and just a few minutes drive to the financial district.
Facilities include a rooftop terrace with swimming pool, jacuzzi and children’s playground, outdoor garden with barbecue pits, business centre services, an outdoor bistro, gym and residents’ lounge.
All rooms come with broadband Internet access, home entertainment system, fully equipped kitchen and electronic safe.
Mr Ong said the size of the serviced residence sector in any market should be about 10 to 15 per cent of its total hotel units.
If a city has 10,000 hotel rooms, then there should be 1,000 to 1,500 serviced residence units. Singapore is almost at 15 per cent. The city-state has 3,500 existing serviced residence units of which 800 are Ascott’s.
“I don’t think there’s huge growth potential even though we would like to grow more.
“This is an already mature market and although we do expect some growth, it won’t be by leaps and bounds… For ourselves, we would like to have one or two more properties in Singapore.” He declined to say if the group was negotiating management contracts with any parties.
Ascott’s other residences in Singapore include The Ascott Singapore, Somerset Grand Cairnhill, Somerset Compass, Somerset Orchard and Somerset Liang Court. – Wrisney Tan |
