The Ascott Limited, a listed serviced residence unit of CapitaLand, yesterday launched a new property in China called the Somerset Riverview, Chengdu.
Acquired through the Ascott China Fund, the 200-unit development will begin its operations this month. It will increase Ascott’s portfolio in the country to more than 5,000 apartments in 27 properties across 13 cities — Xi’an, Shenyang, Beijing, Dalian, Chengdu, Chongqing, Shenzhen, Hong Kong, Tianjin, Suzhou, Guangzhou, Wuhan and Shanghai.
According to Mr. Lim Ming Yan, chief executive officer of Ascott, the expansion into Chengdu reflects China’s importance as a key growth market. The new property “will enable us to establish a strong foothold in western China and further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in the country,” he said.
Chengdu, Sichuan’s provincial capital, is one of the most important economic centres and transport and communication hubs in Western China.
Somerset Riverview, Chengdu, which has duplexes and studios, is situated in the downtown central business district along South Renmin Road. It is next to the main artery connecting the CBD to another prime commercial area in the south of the city which is a popular venue for exhibitions and conventions.
The landmark Tianfu Square, which houses major shopping malls and a transport hub, which provides access to several destinations across the city, is about a 15-minute walk away.
Central Point Phase 2, a grade A office building, is next to Somerset Riverview, Chengdu. The office building is slated for completion by Q4 2010 and is expected to draw major international firms as tenants, providing a ready market for Ascott.