ASCOTT is bringing its Ascott The Residence brand to Tokyo through a master lease agreement with Japanese real estate developer Mitsubishi Estate Company (MEC).
The 129-unit Ascott Marunouchi Tokyo is slated to open in 2017, ahead of the 2020 Olympics to be held in the city. Located in the Marunouchi-Otemachi area, Tokyo’s central business district, it will be part of MEC’s mixed-use development comprising offices and retail outlets.
The property is close to renowned tourist attractions like Ginza and the Imperial Palace, linked to the Otemachi subway station and a 10-minute walk to the main Tokyo train station.
It will offer apartments ranging from studios to three-bedroom units with separate working and sleeping areas. Some of the apartments come with tatami mattresses. Facilities include a swimming pool, rooftop terrace, gymnasium, reading lounge, business centre and meeting rooms.
Lee Chee Koon, Ascott’s CEO, 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 three trillion yen (US$29.4 billion) 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.”
Lee added: “Our first Ascott in Tokyo will provide refined and luxurious living. Expatriates and travellers to Japan will also be able to choose from all three of our brands of serviced residences – Ascott, Citadines and Somerset.”
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.
