The Ascott, CapitaLand’s wholly-owned serviced residence business unit, is strengthening its market presence in China.
In a filing to the Singapore Exchange, the firm said it has secured contracts to manage three properties with more than 500 apartment units in China.
The 90-unit Ascott Heng Shan Shanghai is scheduled to open in 2014.
Meanwhile, two serviced apartments in Suzhou – the 250-unit Ascott Emerald City Suzhou and the 194-unit Somerset Baitang Suzhou – will start operations in 2015 and 2017 respectively.
With the latest additions, Ascott will have more than 10 serviced residences in Shanghai and Suzhou.
Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, said, “Deepening our presence in these two cities enables us to better tap the fast-growing demand for serviced residences and build economies of scale in our operations.”
These new contracts will also reinforce the firm’s leadership position as the largest international serviced residence owner-operator in China, with over 8,000 apartment units in 46 properties across 17 cities.
Source : Channel NewsAsia – 26 Dec 2012