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In 2006, the building was acquired by the Ascott Group and the office tower has since been refurbished into a serviced apartment residence. Renamed as Ascott Raffles Place, the building sits on a 999-year leasehold site with a building footprint of about 950 square meters.
The acquisition was a strategic move by Ascott to access the rapidly expanding middle-class business hotel segment, with about 70% of TAUZIA's hotels catering to business and convention travellers and the remainder to leisure travellers. [16] In 2022, Ascott acquired serviced apartment brand, Oakwood, from Mapletree Investments.
The complex includes three towers; Raffles Hotel and Raffles Residences Jakarta; My Home Apartments & Ascott Service Apartment; and DBS Bank Tower. Ciputra Artpreneur Center (Museum, Theatre & Gallery) and a shopping centre (Lotte Mall, formerly Lotte Shopping Avenue) is also located in the complex. [2]
The Ascott Limited, a wholly owned subsidiary of CapitaLand, opened The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence REIT, Ascott Residence Trust. Today, the company's serviced residence brands include Ascott, Citadines, Oakwood, lyf, Quest, Somerset and The Crest Collection. [38]
In 2004, The Ascott Group sold the entire building to Wheelock Properties (Singapore) (then known as Marco Polo Developments) for S$345 million. [1] but continued to manage the serviced apartments till 31 December 2006. The shopping mall, previously under the management of CapitaLand Retail, was transferred to Wheelock Properties.
Ascott Gurney Penang is a 37-storey commercial skyscraper in George Town within the Malaysian state of Penang. [1] Located at Gurney Drive within the city's Central Business District (CBD), it is home to the first Ascott serviced apartment in the island city.
Archipelago International is the largest privately owned hotel management company in Southeast Asia. [1] Archipelago International entered the Southeast Asian market in 1997 and as of 2023, has more than 350 properties including hotels, condotels, resorts, serviced apartments, boutique villa resorts, and vacation rental units of which more than 300 are operational (consisting of more than ...
CapitaGreen, also known as Market Street Tower, is an office tower located in Raffles Place, Singapore. [1] The building was designed by Toyo Ito and completed in 2014. With a height of 245 m (804 ft), it is one of the tallest skyscrapers in Singapore .