The Ascott Limited, a wholly-owned serviced residence business unit of CapitaLand, has opened three new serviced residence properties with more than 600 apartment units in three Chinese cities.
The 105-unit Somerset International Building Tianjin is the company’s latest acquisition through its private equity fund, Ascott China Fund, while the 249-unit Citadines Zhuankou Wuhan is its first property in Wuhan. The 251-unit Citadines Gaoxin Xi’an is one of its four properties in Xi’an, according to an Ascott report.
The new assets strengthen the company’s leadership position as the biggest international services residence owner-operator in the country, with more than 6,300 apartment units in 34 properties across 15 Chinese cities.
Mr. Lee Chee Koon, Managing Director for North Asia at Ascott, said: “We are very confident of the outlook for the serviced residence business in China. The country has been a top business and leisure destination with its rapid development and high foreign investment. Ascott already has a strong presence in a number of major cities in China. Our first property in Wuhan and new properties in Tianjin and Xi’an reaffirm Ascott’s commitment to expand its business in the country. We plan to open two more properties in Shenzhen and Shenyang before the end of 2010. We will also continue to strengthen our presence in cities where we have properties and expand to other cities to achieve 12,000 apartment units in China by 2015.”
At the Somerset International Building Tianjin, which occupies the 27th to 36th floors of the 37-storey Tianjin International Building, travellers can select from one- to three-bedroom apartments with separate work and living areas, as well as a fully equipped kitchen. Other facilities include a steam and sauna room, a gymnasium and a playroom.
Located in the Wuhan Economic and Development Zone in Hanyang, Citadines Zhuankou Wuhan is part of a mixed development with retail outlets and restaurants, while Citadines Gaoxin Xi’an is located in the centre of the Hi-Tech Development Zone.
The two Citadines-branded properties offer apartments that range from studios to two-bedroom units, with facilities including a steam and sauna room, gymnasium, and a heated indoor swimming pool at Citadines Zhuankou Wuhan.
To celebrate the 10th anniversary of CapitaLand and the opening of the two Citadines-branded properties, Ascott is offering two promotional rates from RMB380 and RMB448 per night for a studio apartment in Citadines Gaoxin Xi’an and Citadines Zhuankou Wuhan , respectively.