CapitaLand's Ascott wins Thai deal

CAPITALAND'S The Ascott has extended its footprint to Thailand's Eastern Seaboard economic region with a contract win to manage a 133-unit serviced residence in Sri Racha district, Chonburi province.

Scheduled to open in 2014, the new Citadines Grand Central Sri Racha will cement Ascott's position as the largest international serviced residence owner-operator in Thailand with more than 1,800 apartment units across 10 properties.

Home to the Laem Chabang port, the fourth-busiest container port in South-east Asia, Sri Racha is situated amid industrial estates which house multinational companies involved in automotive, electronics, petrochemical and steel manufacturing, such as Fujitsu, Sony, ExxonMobil and Bridgestone.