Banyan Tree introduces serviced apartment brand

Banyan Tree Group has is to enter the serviced apartment sector with the launch of a new brand, Cassia, with projects in development or being planned around the world.

Cassia will offer one and two-bedroom units with flexible living and dining options. Prices will start at SGD$180,000 (US $143,827) for a 35 square metre one-bedroom apartment and there will be a range of flexible options.

According to Banyan Tree, the brand has been created to bring together investment opportunities for the growing middle-class looking for affordable holiday homes. It is also an opportunity for the company to develop an innovative hotel product in the serviced apartment segment.

"Cassia merges three of the Group’s strengths, hospitality, design and real estate, to set the stage for the hotel residences of the future,” says Banyan Tree Group executive chairman Ho Kwon Ping.

“The extended stay segment has been overlooked in recent years so we took the opportunity to innovate and create a hospitality product that meets the demands and needs of today’s travellers.”

Five projects are already in development in Phuket, Thailand; Bintan, Indonesia; Beruwala, Sri Lanka, Gold Coast, Australia and Lijiang, China. Interest has already been strong, according to the company, with 70% of Phuket and 45% of Bintan being sold in phase one.

A further seven projects are being planned in Brisbane, Australia; New York, USA; Japan, Seychelles, Chiang Mai, Bangkok, Thailand and Lang Co, Vietnam.

Each development will have a range of facilities including a pool, gym, activity room, bar, convenience mart as well as laundry and home delivery options.

The new brand takes its name, philosophy and design from the Cassia Fistula tree, which is “bold, vibrant and striking”, according to the company. It will sit alongside sister brands Banyan Tree and Angsana.