Ascott strengthens foothold in China’s high growth cities

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), secured a contract to manage its third property in Chengdu. The premier Ascott Raffles City Chengdu will offer 296 apartments when it opens in 2013.

This development follows Ascott’s recent contract wins to manage its first serviced residence in Xiamen, Citadines Jinshang Road Xiamen, and its second property in Wuhan, Somerset Wusheng Wuhan, scheduled to open in late 2012 and 2013, respectively.

Ascott Raffles City Chengdu is located in the heart of Chengdu’s bustling business center along Renmin Nan Road. It is part of the Raffles City Chengdu integrated development which is designed by architect Steven Holl and comprises serviced residences, Grade A offices, luxury apartments and a shopping mall. Ascott Raffles City Chengdu is connected to a metro interchange and is surrounded by commercial towers, retail shops, restaurants and entertainment outlets.When completed, Ascott Raffles City Chengdu will offer studio, one-, two- and three-bedroom apartments. Facilities include: an indoor swimming pool, sauna, spa, gymnasium, reading lounge, restaurants and children’s play area. Business travellers can also make use of the serviced residence’s business center and meeting rooms.

 

In Chengdu and Wuhan, Ascott currently operates Somerset Riverview Chengdu and Citadines Zhuankou Wuhan. It expects to open Ascott Financial City Chengdu in 2014.

The Ascott Limited has about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of more than 29,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 15 of which are new cities in Ascott’s portfolio where its serviced residences are being developed. Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984.

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe. The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries.

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