The Ascott Limited, has been awarded contracts to manage three more properties with more than 500 apartment units in China.
SINGAPORE – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded contracts to manage three more properties with more than 500 apartment units in China. The 90-unit Ascott Heng Shan Shanghai, 250-unit Ascott Emerald City Suzhou and 194-unit Somerset Baitang Suzhou are scheduled to open in 2014, 2015 and 2017, respectively. These new contracts reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China, with over 8,000 apartment units in 46 properties across 17 cities.
Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, said: “Strong foreign direct investment and growth in tourism and domestic travel continue to drive demand for quality accommodation in China. Shanghai is a renowned financial and shipping centre. The metropolis is also reshaping itself as a top tourist destination with several projects, including the Shanghai Disney Resort, to attract more visitors. Suzhou, besides being a well-known tourist destination, is a thriving manufacturing, IT and R&D hub. Its Gross Domestic Product is second only to Shanghai in the East China region.”
Mr Lee added: “With the latest additions, we now have more than 10 serviced residences in Shanghai and Suzhou. Deepening our presence in these two cities enables us to better tap the fast-growing demand for serviced residences and build economies of scale in our operations.”
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