Ascott Property Management (Shanghai) (APMS) has been appointed the manager and technical adviser for CapitaMall Wusheng’s serviced residences.
Under the management agreement, APMS will manage the property under the Somerset brand for an initial renewable term of 10 years. It will also provide services, including interior design and furniture needs, reviews of conceptual design and participation in site and design consultancy meetings for free, under the technical advisory agreement.
According to a report by The Business Times, APMS was chosen to manage the property because Ascott is the biggest international serviced residence owner-operator in China and the only serviced residence operator with extensive experience in operating in Wuhan.
The report noted that the total fee to be paid to APMS under the two agreements is estimated to be around 72.6 million yuan to 89.4 million yuan (S$14.8 million to S$18.2 million).
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