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SG Ascendas signs contract for Tokyo serviced property

Property Here - Thursday, December 05, 2013

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Ascendas Hospitality Trust (A-HTRUST) has secured a five-year management agreement with serviced apartment company Oakwood Asia Pacific to operate its serviced residence in Tokyo, Japan. 

Under the agreement, Oakwood will manage B:CONTE Ariake (pictured) in Tokyo, which will be rebranded as 'Oakwood Apartments Ariake Tokyo' from 1 January 2014.

This follows the expiry of the trust's management agreement with Space Design, the existing operator of the property.

Opened in 2009, Oakwood Apartments Ariake Tokyo is strategically located within the Ariake area of Tokyo Waterfront Secondary City Centre, which includes the Aomi, Ariake and Odaiba districts.

The property is served by major train stations and is easily accessible from Narita Airport and Haneda Airport. It is also within proximity to the Ariake Colosseum, Tokyo Big Sight and Palette Town.

Tan Juay Hiang, Chief Executive Officer of the trust's manager, said: “We are pleased to introduce the Oakwood brand into our portfolio. With Oakwood as our partner, we have further diversified our brands and engagement of best-in-class operators.”

“We look forward to leveraging on their strong brand presence in Asia Pacific as well as their global network of resources, for the continued success of the property,” he added.

Responding, PG Mathew, Managing Director of Oakwood, said: “The opportunity to manage the Ariake apartments is a significant milestone towards our efforts to grow our Oakwood brand in Tokyo. A-HTRUST has an exceptional product in a desirable location and we are confident that our customers, whether on business or holiday travel, will be thrilled to have this fantastic serviced apartment option in the Ariake area.”