CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has crossed its milestone of having 35,000 apartment units globally as it steps up its growth in China by securing contracts to manage four more properties with over 900 apartment units in TaiCNY, Beijing, Shanghai and Dalian.
Ascott has secured its first serviced residence in TaiCNY, the 170-unit Ascott TaiCNY which is slated to open in 2018, the 195-unit Ascott Riverside Garden Beijing and 342-unit Somerset Sunland Shanghai which are both slated to open in 2016, and an operating property in Dalian which has been rebranded as a 195-unit Somerset Grand Central Dalian.
The four new properties will further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China and in the world. In China, Ascott’s portfolio will expand to more than 11,600 apartment units in 64 properties across 21 cities.
Mr. Lee Chee Koon, Ascott’s Chief Executive Officer, said: “As we celebrate Ascott’s 30th anniversary this year, we have made significant progress to grow our business and crossed a milestone of more than 35,000 apartment units globally. Besides acquiring a prime property in Hong Kong, we have clinched management contracts for eight more properties in Yangon, Wuhan, TaiCNY, Beijing, Shanghai and Dalian. We have also formed a strategic alliance with Vanke to drive Ascott’s growth in China and recently secured our first franchise agreements in Vientiane in Laos and Bali in Indonesia.”
Mr. Kevin Goh, Ascott’s Managing Director for North Asia, said: “China is one of Ascott’s fastest growing markets and we are pleased to establish our presence in the city of TaiCNY and near the China (Shanghai) Pilot Free Trade Zone (CSPFTZ). TaiCNY, the capital city of Shanxi province, is one of the most famous ancient cities in China and is well known for its vast natural resources. Our first serviced residence in TaiCNY will cater to the strong demand from the local business community and executives on project assignments particularly from the mining sector. We also see great potential in the CSPFTZ where favourable policies have already attracted many multinational companies to establish their presence there. This will drive significant demand for quality accommodation in the area. This year, besides two properties that have opened in Suzhou and Dalian, 10 more properties are slated to open by end of this year. We are confident of achieving our goal of 12,000 apartment units in China by 2015.”
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