Oakwood Asia Pacific announced last week it will be launching a new serviced residence brand in Singapore – Oakwood Studios – due for completion in November 2016. A management contract with local developer Newfort Realty Pte Ltd was signed for a period of 10 years, with an option to renew for 10 more.
This is Oakwood’s first foray into accommodation for value-conscious travellers and the property management firm describes the new property as a ‘casual and unpretentious space’ that caters to global nomads.
Currently, there are 28 Oakwood branded properties in 16 cities across Asia, and its footprint is set to expand further. A spate of developments is currently in the pipeline, including the brand’s first property in Brisbane, a joint venture with the Mapletree Group.
At a signing ceremony with Singapore-based property developers Newfort Realty, Dean Schreiber, managing director for Oakwood Asia Pacific, said the gap between hotels and serviced apartments has been getting smaller.
On further questioning, it appears the line between serviced apartments and private accommodation may also be blurring. The new Studios property is set to tap into the millennial travel market, a segment for whom private accommodation appears particularly attractive.
Speaking exclusively to WIT, Schreiber said that while some in the industry are “up in arms” over Airbnb, the site provides a useful way for consumers to interact with the end product. Instead of shunning it, the travel industry should embrace it.
“We should have our inventory on Airbnb; in fact, we are talking to them at the moment,” he added.
To reach its target audience, the firm is planning to implement a whole new marketing strategy, one where social media will play a key role.
“The game changer for us has been the [advent of] online marketing. This means that smaller, independent operators with no marketing budget can get their word out, because consumers are doing the marketing for them,” said Schreiber.
On differentiation, he believes that the quality of service will distinguish the Oakwood brand from their competitors. “We are better than anyone else at providing a personalised service, because we engage with our customers,” he said. “Ultimately, we service properties that we would want to stay in ourselves.”
Oakwood is now looking at a whole gamut of accommodation solutions – from student housing to assisted living facilities – that will bring its vision of ‘Oakwood for life’ a little closer to reality.
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