SINGAPORE: The Ascott Group's first ever serviced apartments in Singapore's Central Business District will also be one of its most expensive.
Slated for completion in the third quarter of 2008, the new Ascott Raffles Place will offer room rates starting at S$500 a night - second only to the group's properties in London.
The new Ascott Raffles Place will be housed in the historic Asia Insurance Building, at the corner of Raffles Quay and Finlayson Green.
Ascott is pumping some S$60 million to turn the 57-year-old office tower into a 154-unit luxury serviced apartment.
It is counting on the prime location, as well as views of Marina Bay and the upcoming integrated resort, to bring in the paying customers.
"Our published rates will be about $500 to $600 that we're looking at. We believe that Singapore rates are relatively low, and could actually move up. Singapore is now transforming itself into a global city, but the rates themselves in Singapore are among the lowest. It is in fact the lowest within the market that we're talking about, so there is tremendous opportunity for rate movement within Singapore," says CEO of The Ascott Group, Cameron Ong.
Ascott Raffles Place will feature an infinity pool on the rooftop, as well as an 80-seater French gourmet restaurant run by the Saint Julien group.
Much of the facade of the original building will be conserved, and Ascott is hoping that this touch of history will add to the attraction.
"What Ascott is trying to do is to bring back the old glory, to bring back the old charm. This building has its beauty. And what we would like to do is to restore it back to its originality. And bring back many modern amenities, and at the same time provide deluxe accommodations for business travellers who are coming for an extended stay in Singapore," says Mr Ong.
Ascott, a unit of property giant CapitaLand, paid S$110 million to buy the building from original owners, Asia Life Assurance, last year.
Slated for completion in the third quarter of 2008, the new Ascott Raffles Place will offer room rates starting at S$500 a night - second only to the group's properties in London.
The new Ascott Raffles Place will be housed in the historic Asia Insurance Building, at the corner of Raffles Quay and Finlayson Green.
Ascott is pumping some S$60 million to turn the 57-year-old office tower into a 154-unit luxury serviced apartment.
It is counting on the prime location, as well as views of Marina Bay and the upcoming integrated resort, to bring in the paying customers.
"Our published rates will be about $500 to $600 that we're looking at. We believe that Singapore rates are relatively low, and could actually move up. Singapore is now transforming itself into a global city, but the rates themselves in Singapore are among the lowest. It is in fact the lowest within the market that we're talking about, so there is tremendous opportunity for rate movement within Singapore," says CEO of The Ascott Group, Cameron Ong.
Ascott Raffles Place will feature an infinity pool on the rooftop, as well as an 80-seater French gourmet restaurant run by the Saint Julien group.
Much of the facade of the original building will be conserved, and Ascott is hoping that this touch of history will add to the attraction.
"What Ascott is trying to do is to bring back the old glory, to bring back the old charm. This building has its beauty. And what we would like to do is to restore it back to its originality. And bring back many modern amenities, and at the same time provide deluxe accommodations for business travellers who are coming for an extended stay in Singapore," says Mr Ong.
Ascott, a unit of property giant CapitaLand, paid S$110 million to buy the building from original owners, Asia Life Assurance, last year.
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