US: Oakwood Asia Pacific and Oakwood Worldwide have announced new properties in Singapore and Los Angeles respectively.
Oakwood Asia Pacific has signed a management
contract with Newfort Realty Pte Ltd for its first branded property
Scheduled to open in November 2016, the property will form part of the new Oakwood Studios brand, which the company says is targeted at "global nomads".
Located at Mount Elizabeth, Oakwood Studios Singapore will feature 98 residences, ranging from studios to two-bedroom apartments, plus a residents' lounge, a gym and a rooftop swimming pool. All units featuring large rooms, kitchens, cutlery and washer/dryers.
Oakwood said it is now planning to roll out the Oakwood Studios concept in a series of key global cities.
"I cannot describe how truly delighted we are to open our first Oakwood-branded serviced apartment property in Singapore," said Dean Schreiber, managing director of Oakwood Asia Pacific. "Singapore is an important destination in both the business and leisure travel sectors and we have seen a marked surge in demand for serviced apartments in the city, as clients recognise the value of the home-like environment such accommodation provide, their cost effectiveness and flexibility. It has therefore long been our desire to have a branded property in this key gateway city, but it was a matter of finding the right property, in the right location, with the right partner. With this property and with Newfort Realty Pte Ltd, all forces have finally aligned."
Oakwood Asia Pacific currently operates a portfolio of 28 Oakwood-branded properties in 16 Asian cities.
Oakwood Worldwide has added a 60-unit multifamily apartment complex in Los Angeles, newly renamed Oakwood Miracle Mile, to its portfolio. The apartment complex, originally known as Viridian, was purchased by Singapore-based Mapletree Group as part of its joint venture with Oakwood Worldwide.
"We're excited to add this property to our portfolio because it is uniquely situated in the heart of one of the most vibrant cities in the world," said Andreis Lewis, vice president, real estate management Oakwood Worldwide. "This centrally located building meets the needs of many of our clients no matter which direction work takes them. Additionally, we're pleased to be adding another branded property in our hometown, where Oakwood Worldwide was founded and our corporate headquarters is located. With three branded buildings and more than 1,500 units in Southern California, we're proud of our strength in this market, which allows us to serve the needs of so many clients."
Oakwood Miracle Mile features one- and two-bedroom apartments with 17 different floor plans. Amenities include a spa and cardio room, a dedicated concierge and a business centre.
"This asset, being located in one of the United States' most diverse cities, aligns perfectly with the Mapletree-Oakwood joint venture's strategic investment strategy," said Mike Jara, west coast acquisitions director, Oakwood Worldwide. "Los Angeles is home to top employers across industries, including education, health, professional and business services and entertainment. Mapletree's acquisition of Oakwood Miracle Mile continues the strong momentum the joint venture has built on the West Coast, with the recent acquisitions in Seattle and Silicon Valley."