CapitaLand's The Ascott has brought its premier Ascott The Residence serviced residence brand to Tokyo 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.
Ascott already has a presence in Japan. It currently operates about 360 serviced apartment units in Citadines Shinjuku and Somerset Azabu East in Tokyo, and Citadines Karasuma-Gojo in Kyoto.
Aside from 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.
Ascott chief executive officer Lee Chee Koon said the Japan government's aggressive move to attract multinational companies to set up their regional headquarters or research and development centres in the country 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," he noted, adding that the 2020 Olympics is expected to have an economic impact of about three trillion yen and attract 8.5 million visitors.
Located in the Marunouchi-Otemachi area, Ascott Marunouchi Tokyo will be part of MEC's mixed-use development comprising offices and retail outlets.
The apartments will range from studios to three-bedroom units, with separate working and sleeping areas.