Ascott continues growth in China with three properties

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), secured contracts to manage three more properties, adding 567 apartment units in China, including its first serviced residence in Hefei. The 250-unit Somerset Swan Lake Hefei is slated to open in 2017, while the 150-unit Ascott Nanbin Chongqing and 167-unit Somerset Software Park Xiamen are both slated to open in 2015.

The three new properties are expected to further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China with more than 9,000 apartment units in 51 properties across 20 cities.

The company is on track to achieve its target of 12,000 apartment units in China by 2015.

Hefei, the capital and economic center of Anhui Province, is one of the world’s fastest growing metropolitan economies. Its economy and foreign direct investment grew respectively by an average of 16 percent and 11 percent annually in the last five years. Ascott is the first international serviced residence operator in Hefei. Ascott has so far entered six cities in 2013 – Hefei, Nanjing and Wuxi in China, Gurgaon in India, and Riyadh and Jeddah in Saudi Arabia. Our global portfolio has expanded to over 32,000 apartment units in 81 cities.

The company recently acquired a prime property in Hong Kong and this year we have also clinched contracts to manage eight properties adding more than 1,200 apartment units in China. Somerset Swan Lake Hefei is located in the New Municipal and Cultural District which is between two major Economic Development Zones in Hefei – Hefei Economic Development Zone and Hefei Hi-tech Industrial Park, where many multinational companies are based. The serviced residence is part of Park Lane Plaza, a mixed development that also comprises a premier hotel, offices and high-end retail outlets. It offers a beautiful view of Swan Lake, a key attraction in Hefei, and is very close to the Hefei Grand Theatre, Hefei Olympic Sports Center, Hefei Wildlife Park and Shushan Park.

 

Somerset Swan Lake Hefei is also surrounded by shopping centers like the MIXC mall of China Resource, Wanda Plaza, Sunny World Center and In-Time City, as well as banks, supermarkets, restaurants, universities and hospitals. The Hefei West Railway Station, Hefei high-speed railway station, and Hefei Airport are within a 10, 15, and 45-minute drive away respectively. Residents can choose from a range of spacious studio to three-bedroom apartments and penthouses.

Ascott Nanbin Chongqing has a central location at Nanbin Road in Nan An District and offers a view of the Yangtze River. Residents will enjoy access to leisure amenities such as the Nanbin Yanyu Park, Nanshan Arboretum and Chongqing Amusement Park, as well as shopping malls including Wanda Square, Parkson, ShangHai Town and Macalline. The serviced residence is close to several grade A offices and is just 15-minutes’ drive away from the Yuzhong Central Business District. Ascott Nanbin Chongqing provides a range of luxurious studios, one- and two-bedroom apartments.

Somerset Software Park Xiamen has a prime location in Si Ming District, which is the economic, cultural and political center of Xiamen. The serviced residence is part of the Xiamen Software Park, one of the largest software parks in China, which houses offices as well as research and development centers of high-tech companies such as Microsoft, Cisco and Huawei. It is also near the Xiamen Airport, Xiamen Exhibition Centre, Dream World Carnie water theme park, a yacht club, shopping centers and supermarkets including S&M, Wanda Plaza and Tesco. Residents can choose from studios to three-bedroom apartments and enjoy access to various parts of Xiamen via extensive bus lines.

All apartments in the three serviced residences will come with a fully-equipped kitchen and separate work and sleeping areas. The comprehensive facilities in the properties include a gymnasium, business center, meeting room, breakfast and residence lounges, swimming pool and children’s play area. In addition, Somerset Swan Lake Hefei will provide a spa as well.

The Ascott Limited is a Singapore company. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 10,000 units which are under development, making a total of more than 32,000 units in over 200 properties. The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans 81 cities across more than 20 countries, 20 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.

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