Ascott opens new serviced residence in Beijing

Capitaland’s wholly-owned serviced residence business unit, The Ascott Group, has opened its fifth serviced residence in Beijing.

It is also the first time an Ascott serviced residence has partnered with Raffles City to offer an integrated lifestyle development comprising a retail mall, an office tower and a serviced residence.

Located in Dongcheng District, the new serviced residence is near the Second Embassy District, where many embassies and Fortune 500 companies are located.

Ascott Raffles City Beijing has 162 units, ranging from one to three-bedroom apartments.

Ascott said the new property is in line with its commitment to grow its presence in the mainland.

Lee Chee Koon, managing director of Ascott North Asia, said that besides acquiring new properties and managing properties for third party owners, CapitaLand’s mixed developments such as Raffles City is another platform for Ascott to rapidly grow its presence and service customers better.

He added that the company is already working on opening new serviced residences within Raffles City Hangzhou and Raffles City Ningbo.

Ascott’s portfolio in China stands at about 5,000 apartment units in 25 properties over 12 cities, including 6 properties which will open by 2011.

Source : Channel NewsAsia – 2 Dec 2009

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