CAPITALAND's wholly-owned serviced residence business unit, The Ascott, has won a contract to manage a 133-unit serviced residence in Thailand's Sri Racha district in Chonburi province.

It said this has allowed it to extend its footprint to Thailand's Eastern Seaboard economic region.

The new Citadines Grand Central Sri Racha is scheduled to open in 2014.

The Ascott said the new development will enhance its pole position as the largest international serviced residence owner-operator in Thailand with over 1,800 apartment units across 10 properties.

Mr Lee Chee Koon, Ascott's chief executive officer, said: "Thailand is ranked amongst the world's best emerging markets for investors. Its resilient economy, pro-investment policies, skilled workforce and business infrastructure continue to be attractive to foreign investors."

In Thailand, Ascott currently operates nine properties in Bangkok.

Besides having a strong presence in Bangkok, Ascott sees significant potential in expanding to Thailand's Eastern Seaboard where many multinational companies are based