In January 2008, CapitaLand made an offer to acquire the remaining shares of The Ascott Group (Ascott) that it did not already own.

CapitaLand’s offer was successfully completed and it now fully owns Ascott. As a result, Ascott is privatised and is no longer listed on the Singapore Exchange Securities Trading Limited as of 29 April 2008.

Ascott’s core business remains unchanged with the privatisation. As a business unit of CapitaLand, Ascott will enjoy greater ease in tapping CapitaLand’s more established real estate development and financial services to grow its p resence globally and strengthen its leadership position in the market.

Businessmen in Ahmedabad can now look forward to quality accommodation provided by Ascott, which has announced a joint venture with The Rattha Group (Rattha) to develop a new serviced residence in the city.

Ascott invested INR 257.2 million (approximately S$9.1 million) for the development of a 220-unit property to be named Citadines Ahmedabad Parimal Garden. Ascott will take a 40% stake in the joint venture while Rattha will hold the remaining 60%.

Citadines Ahmedabad Parimal Garden, slated to open in 2011, marks Ascott’s entry into West India and extends its footprint beyond the southern cities of Bangalore, Chennai and Hyderabad.

Ascott has signed a contract with one of Indonesia’s most established commercial property developers, PT Ciputra Property Tbk, to manage a 153-unit serviced residence, to be named Somerset Kuningan.

Expected to open in 2012, Somerset Kuningan enjoys a prime address in Jakarta’s Golden Triangle, a business and embassy district with a sizeable expatriate community. It will be part of a 10-hectare integrated development – Ciputra World Jakarta, which comprises a high-end retail mall, office towers, condominiums and a five-star diamond hotel-cum-luxury residence.

Ascott Guangzhou has just opened in the heart of the city's financial district of Tianhe. The 208-unit serviced residence is near key office towers, restaurants, shopping malls, metro stations, as well as sports and entertainment facilities.

Another Ascott-branded property in Shenzhen was also announced earlier this year. Ascott has secured a management contract from China Merchant Real Estate (Shenzhen) Co. Ltd. to manage a 213-unit property to be named Ascott Shenzhen Maillen, scheduled for completion in 2009.

Ascott Shenzhen Maillen, which will be part of an integrated development, is located in the heart of the Shekou commercial and culture centre. It is also near the Shekou Ferry Terminal and only a 15-minute drive from the Hong Kong-Shenzhen Western Corridor linking Shenzhen to Hong Kong.

In Chongqing, Ascott has acquired a prime site to develop a 158-unit serviced residence to be named Somerset JieFangBei. Opening in 2009, the property is located on Minzu Road in Chongqing’s Yuzhong district. The property is a stone’s throw from the JieFangBei Pedestrian Walk, where the city’s largest retail malls can be found. With a metro station less than five minutes’ walk away, travelling within the city will be a breeze.

Ascott has officially opened Somerset Gordon Heights in the heart of Melbourne’s Central Business District. Besides the many lifestyle and entertainment options in the vicinity, residents also get to enjoy full access to the recreational facilities at Somerset Gordon Place, located just across the street.

Come 2010, business travellers to Melbourne will also get to experience the Group’s first Citadines-branded property in Australia - Citadines Melbourne on Bourke. The 398-unit serviced residence, which Ascott will invest AU$136.2 million (S$170.2 million) to develop, is also currently the largest Citadines-branded property in Ascott’s portfolio.

Citadines Melbourne on Bourke is also excellently located near a mélange of restaurants, cafés, boutique shops, and entertainment and cultural attractions.

Together with Ascott's other three properties in the city, namely Somerset Gordon Heights, Somerset Gordon Place and Somerset on Elizabeth, the new Citadines will offer business executives in Melbourne spacious apartments, the comfort of home and Ascott’s distinctive, personalised service.