Ascott secures contracts to manage 2 more serviced residences in China

CapitaLand’s wholly-owned serviced residence business unit, The Ascott, has secured contracts to manage two more serviced residence properties in Xi’an and Shenzhen, China.

This follows Ascott’s recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April.

The latest additions – Somerset Gaoxin, Xi’an and Somerset Grandview, Shenzhen – are scheduled to open in 2012 and 2013 respectively.

Somerset Gaoxin is Ascott’s first Somerset-branded serviced residence in Xi’an. It is located within the new commercial centre of the Xi’an Hi-tech Development Zone.

Somerset Grandview is centrally located close to the Futian Central Business District.

When completed, the 233-unit Somerset Gaoxin and 128-unit Somerset Grandview will offer a range of apartment types from studios to 3-bedroom units, catering to the different lifestyle needs of both short- and long-stay travellers.

“China is an important market for Ascott. Besides growing in cities such as Beijing and Shanghai, we have been expanding rapidly in other cities like Xi’an and Shenzhen where there is high demand for serviced residences,” Ascott’s Managing Director for North Asia, Lee Chee Koon, said:

He added that Ascott’s Citadines Xi’an Central and Somerset Garden City, Shenzhen have achieved strong occupancy of above 80 per cent.

Ascott plans to open Ascott Maillen Shenzhen later this year and two more Citadines-branded serviced residences in Xi’an by 2012.

Mr Lee said: “Our two latest Somerset-branded properties will reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China.

“They will increase our China portfolio to more than 5,500 apartment units in 29 properties across 13 cities.”

Source : Channel NewsAsia – 7 Jul 2010

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