Tuesday, October 03, 2006
[RealEdge] BT : Ascott's new flagship to offer unmatched luxury
| Published October 3, 2006  | |||
| Ascott's new flagship to offer unmatched luxury THE Ascott Group will lose the management of its flagship Ascott Singapore on Scotts Road at the end of this year, but the listed service residence company is pulling out all the stops to make a recently acquired building its new flagship property. Last week, Ascott chief executive Cameron Ong announced that his company will spend $50 million to transform the historic Asia Insurance Building (AIB) into the top-of-the-line Ascott Singapore Raffles Place. When ready in the first half of 2008, the 154-unit Ascott Raffles Place will 'redefine the concept of luxury living', said Ascott. 'Ascott Raffles Place will have a commanding view of the Marina Bay integrated resort,' says Mr Ong. 'It has an unbeatable prime address between the old and new business and financial districts, and the facilities and finishing will give travellers to Singapore a new level of luxurious living,' he added. AIB is located on Finlayson Green, so once the service apartments are up, travellers who stay there will be close to Raffles Place MRT and the upcoming Business and Financial Centre. Collyer Quay, which is slated to be developed into a 'lifestyle hub' with a mix of restaurants, shops and entertainment outlets, is also just a stone's throw away. Perhaps because of this, Ascott is hoping to charge as much as $700 per night for Ascott Raffles Place. For that amount, visitors will get to stay in one of 154 luxuriously- Each suite will offer up to 50 per cent more space compared to a typical hotel suite, said Ascott. Facilities include a rooftop pool that will offer an infinity view of the upcoming integrated resort, a bar and lounge, a deli and fine dining restaurant. Market watchers had been expecting Ascott to unveil plans for a new flagship property ever since the company announced in 2004 that it had sold its Scotts Road building to Wheelock Properties. The lease for its service apartments there ends at the end of this year. Earlier this year, Ascott spent $109.5 million to acquire AIB. At 20 storeys, the building was South-east Asia's tallest when it was built in 1923. To honour its heritage, Ascott will not tear the place down; rather, it will 'restore the landmark's former glory', and preserve the facade to retain the building's character. In line with this, Ascott Raffles Place will showcase Singapore artworks through possible collaboration with the Singapore Art Museum, the company said. | |||
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