CapitaLand's Ascott bags four contracts in Asia

CAPITALAND'S serviced residence arm The Ascott has clinched four contracts to manage more than 850 units in Asia, the real estate company announced on Wednesday after the market opened.

The 149-unit Citadines Han River Seoul is expected to open in the first quarter of 2016 and will be the earliest to begin among the four new contracts. This will be The Ascott's first Citadines-branded project in the South Korean city.

The Ascott will manage the 308-unit Citadines Punaka Yogyakarta, a 10-minute drive from the Malioboro shopping district in the Indonesian city. The contract will be The Ascott's first in the tourist destination.

The company will also make its first inroad into the Malaysian city of Miri with a contract to manage the 200-unit Somerset Arcadia Miri.

In Vietnam, The Ascott will manage the 200-unit Citadines Central Binh Duong.

CapitaLand shares slipped 0.7 per cent, or 2 Singapore cents, to trade at S$2.78 as at 9.39am.