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Ascott expands beyond Bangkok and enters Pattaya with a management contract for Thailand's largest serviced residence, Somerset Nusasiri Pattaya.
The Ascott Group (Ascott) has secured a management contract for a 630-unit serviced residence from The Nusasiri Group, a leading real estate developer in Thailand, as the serviced residence, which will be located along Jomtien Beach, is aimed at catering to long-stay expatriates from burgeoning industrial and manufacturing zone in Eastern Seaboard and high-yield Mice (meeting, incentive, convention and exhibition) segment in the eastern resort of Pattaya.
The management contract for Somerset Nusasiri Pattaya marks Ascott's entry into Pattaya since the property will be Ascott's first serviced residence outside of Bangkok, and it also brings Ascott's portfolio in Thailand to over 2,000 units in eight properties.
Somerset Nusasiri Pattaya is targeted for launch in the second half of 2006. Upon completion, Ascott will manage the property for a period of five years with an option to renew for another five years.
With a total land area of 16,000 square metres, Somerset Nusasiri Pattaya will feature studio and one to three bedroom units, a swimming pool, gymnasium, sauna, and a range of retail establishments including food and beverage outlets to cater to the growing expatriate community from the burgeoning industrial and manufacturing zone in Thailand's Eastern Seaboard which comprises Chonburi and its neighbouring provinces.
According to the Board of Investment of Thailand (BOI) , the value of investment applications approved by the BOI for the country has grown from 266.2 billion baht (US$6.7 billion) in 2001 to 486.3 billion baht (US$12.2 billion) in the first ten months of 2005. Of the total investments approved by the BOI, a significant amount of the investments has been in the Eastern Seaboard from the petrochemical, electronics and automobile sectors.
Somerset Nusasiri Pattaya will also be equipped with 500 square metres of meeting facilities to cater to the growing high-yield Mice (meetings, incentives, conventions and exhibitions) segment in Pattaya.
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