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

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.

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.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.

Joan Tan
Assistant Vice President, Corporate Communications
+65 6713 2864
The Ascott Limited