Ascott expands in China

 CapitaLand’s serviced residence business unit, The Ascott Limited (Ascott), has won contracts to manage two properties in Foshan and Hong Kong SAR.

The 186-unit Ascott M-City Foshan, which is Ascott’s first serviced residence in Foshan, is slated to open in 2016. The 71-unit Somerset Victoria Park Hongkong will be Ascott’s second serviced residence in Hong Kong when it opens in 2013.

Ascott currently owns and operates Citadines Ashley Hongkong. The latest additions bring the company’s serviced residences in China to over 7,000 apartment units in 40 properties across 17 cities. Ascott is to almost double its China portfolio to 12,000 apartment units by 2015.

Ascott M-City Foshan, located in Foshan’s newly-developed central business district, Dongping New Town, is part of the Dongping New Town Transportation Centre, a development comprising Grade A offices and a shopping mall. When completed, the Ascott M-City Foshan will offer apartments ranging from studios to three-bedroom units, and facilities including a swimming pool, gymnasium, yoga room, reading room, business center, conference room and breakfast lounge.

Somerset Victoria Park Hongkong, located near Victoria Park and Causeway Bay, will offer a range of studio, one- and two-bedroom apartments. Facilities include a gymnasium, as well as dining and entertainment options.

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