New serviced apartments in Georgian capital
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CapitaLand’s wholly owned serviced
residence business unit, The Ascott Limited (Ascott), marks its entry into
the Eastern European market with the opening of Citadines Tbilisi
Freedom Square in Tbilisi, Georgia. The property is the first international
serviced residence to open its doors in Georgia. It consolidates and
strengthens Ascott’s presence in Europe, where it already operates over
5,000 serviced apartment units in 47 properties.
Citadines Tbilisi Freedom Square is centrally located in the heart of Tbilisi
at Freedom Square, a popular tourist attraction. It is strategically close to
the National Museum of Georgia and a 10-minute walk from the recentlyrefurbished
Old City with its old residential houses, numerous religious
monuments and the ancient sulphur bath houses which are still operational.
Cafes, restaurants and supermarkets are conveniently located within a short
walking distance.
Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said:
“Ascott is pleased to open Georgia’s first international serviced residence –
Citadines Tbilisi Freedom Square. Georgia’s government has initiated
prudent macroeconomic policies and made concerted efforts to attract
foreign direct investments into the country. Consequently, the World Bank
has placed Georgia among the top ten Eastern Europe reforming countries
for the past four years. Demand for quality accommodation by
international business travellers as well as by intra-regional visitors, from
the Commonwealth of Independent States, is expected to increase.
Citadines Tbilisi Freedom Square not only caters to this growing demand
but also allows Ascott, in particular our Citadines brand, to strengthen its
market presence in the region.”
Citadines caters to savvy, independent travellers in Eastern Europe who
want high quality accommodation in a good location and the flexibility to
choose the services they require. Ascott currently operates 54 Citadines
properties globally, of which 43 are located in Europe and the rest in the
Asia Pacific.
Earlier in 2007, Ascott was awarded the contract to manage the serviced
residence, Citadines Tbilisi Freedom Square, by the Amtel Group of
Companies. After two years, the property opened this week with Ascott
accorded the privilege of managing the serviced residence. Said Mr Daniel
Gupta, Director of Amtel Group of Companies: “We are very happy to
engage Ascott to manage our first serviced residence project in Georgia. It marks a
milestone in our longstanding partnership with Ascott, the world’s largest
international serviced residence owner-operator. We look forward to opening our
second project with Ascott in Moscow, Russia in 2013.”
Citadines Tbilisi Freedom Square is an eight-storey building offering residences
ranging from studios to two-bedroom apartments. All apartments come complete with
modern fittings, designed to create a comfortable living and working environment.
Features include a fully-equipped kitchen, en-suite bathroom, home entertainment
system and free broadband internet access. The property also offers residents three
meeting rooms and a fitness room on the roof-top.
To celebrate the launch of Citadines Tbilisi Freedom Square, Ascott is offering a
promotional launch rate starting from US$ 107 per day for a studio and from US$ 197
per day for a two-bedroom apartment. For more details, visit www.citadines.com.
About The Ascott Limited
Ascott is the world’s largest international serviced residence owner-operator with over
19,000 operating serviced residence units in key cities of Asia Pacific, Europe and the
Gulf region, as well as around 6,000 units which are under development, making a
total of more than 25,000.
The company operates three brands – Ascott, Somerset and Citadines. Its portfolio
spans 67 cities in 22 countries, 11 of which are new cities in Ascott’s portfolio where
its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in
Singapore. It pioneered Asia Pacific’s first international-class serviced residence in
1984. It also established the world’s first pan-Asian serviced residence real estate
investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 25-
year industry track record and serviced residence brands that enjoy recognition
worldwide.
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