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On 14 August 1984, Scotts Holdings opened The Ascott Singapore, the first international-class serviced residence in the Asia Pacific region. [2] The name “Ascott” was coined by Ameerali Jumabhoy to represent Scotts Road in Singapore [3] (where the first property was located at) and a nod to the famed British races at Ascot, due to the family's association with equestrian sports. [4]
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]
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The former Asia Insurance Building (Chinese: 亚洲保险大厦; pinyin: Yàzhōu Bǎoxiǎn dàshà), now named Ascott Raffles Place, lies in the heart of the Central Business District of Singapore, at the corner of Finlayson Green and Raffles Quay.
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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.
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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.