Ascott wins two new contracts in China

CapitaLand’s wholly-owned serviced residence business unit, Ascott, has won two new contracts to manage properties in Chengdu and Beijing.

The properties are the 181-unit Ascott Financial City Chengdu, which is slated to open in 2014, and the 187-unit Somerset Wangjing Beijing, which is scheduled to open a year later.

With the two additional properties, Ascott said it is on track to achieve 12,000 apartment units in the country by 2015.

Ascott now has 7,000 apartment units in 38 serviced residences across 16 cities in China.

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “Our quick expansion in China demonstrates the importance of the country as a key growth market for us and our strong confidence in its future development.

“We will continue to tap on more opportunities in tier-1 cities like Beijing, where we still see abundant demand for international serviced residences from business travellers and tourists.”

Source : Channel NewsAsia – 31 Aug 2011

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