A slowdown expected in Malaysian market, serviced apartments in Bangkok, big declines in Singapore’s RCR in this week’s Market round-up.
Singapore-based serviced residences operator The Ascott Ltd announced that it has secured a contract to manage its first property in Myanmar as it celebrates its 30th anniversary.
The average occupancy rate at selected serviced apartments was 72 per cent in the fourth quarter of 2011, an improvement from 70 per cent in the previous quarter and 66 per cent a year earlier. Average room rates per night during the fourth quarter was RM277 (US$90), a decline from the RM288 (US$94) recorded in the previous quarter.
Iskandar props up Johor, and Singapore props up Iskandar. At least, that seems to be the consensus among property agents in the region, who expect that despite a slew of launches, the market will remain strong in the near term. “It is a cyclical industry. There could be an oversupply but this will not be [...]
Serviced apartments are becoming a bigger piece of the property pie, but some complain that the term has become a catch-all for any apartment over a commercial property, and many so-called service apartments offer very little service. According to new data from the Real Estate and Housing Developers’ Association of Malaysia’s Rehda Institute, serviced apartments will [...]
Chinese residential markets slowing overall with high-end and serviced apartment segments faring better
Demand for serviced apartments has picked up as companies continue to grow their operations in China, said Savills in a recent report on the forecast of the China real estate market. The report further added that international companies are still cost conscious when it comes to budgets only increasing them as much as is necessary [...]
Despite a real estate quagmire in Vietnam, the serviced apartment market appears stable and could emerge strongly from the economic downturn, CB Richard Ellis analysts said. CBRE Vietnam managing director Marc Townsend presented the company’s December report at the “Vietnam Serviced Apartment Investment Conference 2011,” saying that pressures on the market include “falling rents and [...]
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has clinched contracts to manage two properties in Foshan and Hong Kong SAR. The latest additions put Ascott’s portfolio in China at over 7,000 apartment units in 40 properties across 17 cities. The 186-unit premier Ascott M-City Foshan, which is Ascott’s first serviced residence in Foshan, [...]
Thailand hotel brand Amari is set to extend its brand with the planned October opening of its Amari Residences Bangkok.
Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, says average occupancy in the company’s Thailand properties is above 80 per cent.
Deputy General Director Tash Tobias of the Vietnam serviced residence said strong interest, as well as contracts in the pipeline from potential tenants, were expected to lead to full occupancy by the year end.
Bangkok’s Sukhumvit Road could be facing an over-supply of serviced apartments as occupancy rates for existing apartments fell to 78 percent in the first half of this year, according to Colliers International Thailand, the real estate service provider.