Ascott secures another four contracts in China

Serviced residence operator Ascott has secured another four management agreements in China, the company said on Monday (June 23).

Ascott, CapitaLand’s wholly-owned serviced residence business unit, said it will operate its first serviced residence in Taiyuan, the 170-unit Ascott Taiyuan, which is slated to open in 2018. It will also operate the 195-unit Ascott Riverside Garden Beijing and 342-unit Somerset Sunland Shanghai – both slated to open in 2016 – and a property in Dalian which has been rebranded as a 195-unit Somerset Grand Central Dalian.

The four new properties bring the total number of apartment units managed by Ascott to more than 35,000 globally, the company said. In China, Ascott’s portfolio will expand to more than 11,600 apartment units in 64 properties across 21 cities.

Mr Kevin Goh, Ascott’s Managing Director for North Asia, said the company sees “great potential in the China (Shanghai) Pilot Free Trade Zone, where favourable policies have already attracted many multinational companies to establish their presence there”. This will drive demand for accommodation in the area, he said, adding that Ascott plans to have 12,000 apartment units in China by next year.

Source : Channel NewsAsia – 23 Jun 2014

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