Industry Update
Press Release12 April 2017

Ascott Opens First Property On Jeju Island Expands Its Network In South Korea

Somerset Jeju Shinhwa World set within an integrated resort comprising a theme park, gaming facilities, retail outlets and MICE facilities

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Somerset Serviced Residence

Singapore -- CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott) is opening Somerset Jeju Shinhwa World, its first property on Jeju Island on 25 April 2017. Somerset Jeju Shinhwa World marks Ascott's fourth property in South Korea, expanding its network beyond Seoul and Busan. The new property entrenches Ascott's position as the largest international serviced residence owner-operator in Korea.

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Mr Max Phillips, Ascott's Country General Manager for South Korea, said "With Ascott's experience in operating award-winning serviced residences globally and in Korea, this is an exceptional opportunity for us to open the first international-class property on Jeju Island. As Jeju is popular with domestic and global travellers, there is strong potential for Somerset Jeju Shinhwa World, which provides the comforts and privacy of home with world-class services."

Mr Philips added: "With our Somerset property being part of the Jeju Shinhwa World integrated resort, our guests and their families will enjoy numerous entertainment, retail and food & beverage options. For guests who wish to stay over in other popular destinations like Seoul and Busan besides Jeju, they can be assured that they will experience a consistent, quality Ascott hospitality."

The 344-unit Somerset Jeju Shinhwa World is part of an integrated resort which includes a theme park, water park, gaming facilities, high-end retail outlets, MICE facilities and a K-Pop entertainment town. Jeju Island is known for its scenic beaches and lush countryside including the Volcanic Island and Lava Tubes, a UNESCO World Heritage site. Somerset Jeju Shinhwa World is close to Seogwipo City in the south of Jeju island, near to a wide array of tourist attractions and cultural venues such as the O'Sulloc Tea Museum, Halla Mountain and Jeju Aerospace Museum. A 40-minute drive from Jeju International Airport, the property is wellconnected to international schools, making it an ideal base for expatriates.

Designed for leisure and business travellers and their families, Somerset Jeju Shinhwa World offers a home away from home in expansive three-bedroom units with thoughtfully furnished and stylish interiors. Each unit has a well-equipped kitchen, separate living and dining areas, a balcony, wine chiller, washing machine, dishwasher and a centralised home automation system. It offers a wide range of modern amenities such as a clubhouse with a spacious lobby lounge, a fully-equipped gymnasium and sauna, a restaurant offering international cuisine, a children's playroom and a large outdoor play area for kids. Guests can also enjoy a host of local experiences through the Ascott Lifestyle programme with cultural, gastronomical, community and wellness activities, as well as the convenience of a mini-mart, cafés and a myriad of dining options on the property's doorstep.

Opening Promotion

Guests who book their stays from 25 April to 31 October 2017 can enjoy close to 30% off daily rates at KRW 250,000 per night. They may also request for complimentary advance check-in or late check-out, subject to availability.

With Somerset Jeju Shinhwa World, Somerset Palace and Citadines Han River in Seoul as well as Citadines Haeundae Busan – Ascott currently operates four serviced residences with over
1,300 units in South Korea.

Related Brand

Somerset Serviced Residence

Somerset Serviced Residence welcomes you with homely warmth and enriches your elegant lifestyle with local experiences. Feel the pulse of major cities, the communal chic in elite estates, or get away from it all in private tranquillity.
brand information
Other Brands operated by The Ascott Limited
Ascott The Residence
Citadines
Citadines Connect
Fox Hotels
Harris Hotels
LYF
POP! Hotels
Préférence Hotels
Quest Apartment Hotels
The Crest Collection
Vertu Hotels
Yello Hotels

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 180 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.

Ascott has about 70,000 operating units and over 48,000 units under development, making a total of about 118,000 units in over 700 properties.

The company's serviced residence and hotel brands include Ascott The Residence, he Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello and POP!.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2020 for 'Best Serviced Residence Brand'; World Travel Awards 2019 for 'Leading Serviced Apartment Brand' in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2019 for 'Best Serviced Residence Brand'; Business Traveller China Awards 2019 for 'Best Luxury Serviced Residence Brand'; and TTG China Travel Awards 2019 for 'Best Serviced Residence Operator in China'. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand Limited (CapitaLand) is one of Asia's largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth S$131.9 billion as at 31 December 2019. CapitaLand's portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 200 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.

CapitaLand has one of the largest real estate investment management businesses globally. It manages seven listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, CapitaLand's REITs and business trusts have expanded to include Ascendas Real Estate Investment Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

Contact
Joan Tan
Assistant Vice President, Corporate Communications
Phone: +65 6713 2864
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