CapitaLand’s serviced residence business unit, The Ascott Limited has won contracts to manage two properties in China.
In a news release, The Ascott said the properties include 186-unit Ascott M-City Foshan which will open in 2016, and the 71-unit Somerset Victoria Park Hongkong in 2013.
At the moment, Ascott owns and operates Citadines Ashley Hongkong in the Tsim Sha Tsui district.
Mr Lim Ming Yan, Ascott’s CEO, said having the new properties in Foshan and Hong Kong will allow the firm to capture the region’s strong demand for quality accommodation from expatriates and travellers.
The new properties will also make The Ascott the largest international serviced residence owner-operator in China where it currently has 7,000 apartment units in 40 properties across 17 cities.
Ascott plans to double its China portfolio to 12,000 apartment units by 2015.
Source : Channel NewsAsia – 21 Nov 2011