The Ascott Group, a leading international serviced residence company, today (June 18) opened Somerset Suwan Park View, a 152-unit serviced residence in Bangkok, Thailand.
Somerset Suwan Park View offers prime location in the city`s central business district, within walking distance of the Chidlom and Ploenchit skytrain stations and Ploenchit Road shopping belt. The residence is also close to embassies, parks and financial institutions.
Ascott has secured the contract to manage the property for five years, with the option to renew for another five years.
Ascott is the largest serviced residence operator in the Asia Pacific, with more than 13,500 serviced residence units in 37 cities across Europe, Asia and Australasia. In Bangkok, the group operates over 700 serviced residence units.
Mr Eugene Lai, Ascott`s chief executive officer, said: “With Somerset Suwan Park View, Ascott will have more than 17 per cent share of the upper-tier serviced residence market in central Bangkok, making us a leading market player. The additional units from this residence will enable us to leverage further economies of scale and improve margins by clustering operations across our properties in the city.”
“Our Bangkok residences continue to perform strongly, leading the market with more than 90 per cent occupancy. Somerset Suwan Park View is tapping Ascott`s global marketing network and proven operational systems to rapidly build up its occupancy,” he added.
Marketed under the group`s Somerset brand of upper-tier serviced residences, the property is targeted at senior to upper management executives.
Purpose-built to provide stylish living for expatriate executives and their families, the residence comprises fully-furnished one to three-bedroom suites with broadband Internet access, a home entertainment system with DVD and MP3 capabilities, and a fully-equipped kitchen. Facilities include a swimming pool, gym, sauna, business centre and restaurant.
In line with Ascott`s goal to provide its guests with a nurturing home and support community, Somerset Suwan Park View`s `enriched living experience` programme for its guests will include activities to facilitate their business networking, community integration and family recreation in Bangkok.
Ascott also operates the 350-unit Somerset Lake Point, 92-unit Somerset Thonglor and 118-unit Omni Tower serviced residences in Bangkok.
The Somerset Suwan Park View management contract is not expected to have any material impact on Ascott`s financial results for the current financial year.