Ascott Group, the wholly-owned serviced residence business unit of Capitaland, has launched its fifth serviced residence in Beijing.
This project is the first joint venture between Ascott serviced residence and Raffles City. They intend to offer an integrated lifestyle development featuring an office tower, a retail mall and a serviced residence.
This new serviced residence is situated in the Dongcheng District, close to the Second Embassy District, where many Fortune 500 companies and embassies can be found.
Ascott Raffles City Beijing will have 162 units that range from one to three-bedroom apartments.
According to the Ascott Group, the new project corresponds with its commitment to grow its presence in mainland China.
"Besides managing properties for third party owners and acquiring new properties, CapitaLand’s mixed developments like Raffles City is another programme for Ascott to improve its services and rapidly grow its presence," said Lee Chee Koon, managing director of Ascott North Asia.
He added that the company is already in the process of launching new serviced residences within Raffles City Ningbo and Raffles City Hangzhou.
The portfolio of Ascott in China is comprised of around 5,000 apartment units in 25 properties over 12 cities. This includes six properties that are expected to open two years from now.