Ascott Signs New Property in Tokyo, Japan

Ascott is expanding its portfolio of properties in Japan through a master lease agreement with Mitsubishi Estate Company (MEC), one of Japan’s largest real estate developers.

The 129-unit Ascott Marunouchi Tokyo is slated to open in 2017, ahead of the 2020 Olympics to be held in the city.

Located in the Marunouchi-Otemachi area, Ascott Marunouchi Tokyo will be part of MEC’s prestigious mixed-use development comprising offices and retail outlets.

Besides being near prominent commercial buildings, Ascott Marunouchi Tokyo is close to renowned tourist attractions like Ginza which is the city’s most prestigious shopping, dining and entertainment district.

The serviced residence is located near the Imperial Palace, with apartments offering some of the best views of the Kokyo Gaien National Garden.

Guests will also benefit from convenient access to other parts of Tokyo and Japan, as Ascott Marunouchi Tokyo is linked to the Otemachi subway station and is a 10-minute walk to the main Tokyo train station.

Ascott Marunouchi Tokyo will provide apartments ranging from studios to three-bedroom units with separate working and sleeping areas. For a local touch, guests can choose apartments that come with tatami mattresses.

Facilities at the serviced residence include a swimming pool, roof-top terrace, gymnasium, reading lounge, business centre and meeting rooms.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said, “We see great potential to expand in the world’s third largest economy. Japan is already rebounding from the impact of monetary easing, fiscal stimulus and reforms. The 2020 Olympics in Tokyo is expected to have an economic impact of about JPY 3 trillion and attract 8.5 million visitors. Japan’s government is also aggressively attracting multinational companies to set up their regional headquarters or research and development centres in the country. This will create significant demand for quality accommodation. To meet the strong  demand, Ascott plans to expand in Japan through investments, management contracts and lease agreements.”

Ascott currently operates about 360 serviced apartment units in Citadines Shinjuku and Somerset Azabu East in Tokyo, and Citadines Karasuma-Gojo in Kyoto. In addition to serviced residences, Ascott has 40 properties with more than 2,800 apartment units for corporate lease across 10 major cities including Tokyo, Osaka, Nagoya and Fukuoka.