CapitaLand announced on Thursday that its subsidiary The Ascott Limited, has secured a contract to manage its first Citadines Apart'hotel in South Korea.
The 468-unit Citadines Haeundae Busan will be Ascott's first serviced residence in Busan and its largest property globally when it opens in the second half of 2015.
With the addition of Citadines Haeundae Busan, Ascott has grown its Citadines network to 79 properties across 49 cities worldwide.
Ascott fully acquired the Citadines chain of apart'hotels in Europe in 2004 and brought it to Asia in 2006.
Said Mr Lee Chee Koon, Ascott's chief executive officer, said: "Ascott's first serviced residence in South Korea, Somerset Palace Seoul, has been doing well since its opening in 2005. We have been looking for opportunities to expand our presence in the market and see great potential in introducing our Citadines brand in South Korea."
"While Somerset Serviced Residence caters to expatriate families, Citadines Apart'hotel provides an ideal home for independent travellers, with comfortable spaces and a flexible menu of services that guests can choose from to suit their lifestyle needs."
He added: "Busan is South Korea's second largest metropolis after Seoul. It is home to the world's fifth busiest seaport and is a leading tourist destination in South Korea. There is a growing expatriate community working in the shipbuilding, oil and gas, automotive and electronic manufacturing industries in Busan."
"As the first international brand of serviced residence in Busan, Citadines Haeundae Busan will enjoy strong demand for quality accommodation from the continued influx of expatriates, business travellers and tourists to the city."