The Ascott Ltd, a wholly-owned serviced residence unit of CapitaLand, will manage two more properties in Beijing and Chengdu, further strengthening its position as the largest international serviced residence owner-operator in China.
“We are pleased to secure two more management contracts which add over 360 apartment units to our portfolio. Ascott will now have around 7,000 apartment units in 38 serviced residences across 16 cities in China,” said Lee Chee Koon, Ascott’s Managing Director for North Asia.
Ascott said it will manage the 187-unit Somerset Wangjing Beijing and the 181-unit Ascott Financial City Chengdu, which are expected to open in 2013 and 2014 respectively.
“Our quick expansion in China demonstrates the importance of the country as a key growth market for us and our strong confidence in its future development,” noted Lee.
Strategically located in the Wangjing business area within the Chaoyang District, Somerset Wangjing Beijing offers studio, one-, two- and three-bedroom apartments. It features facilities such as a business centre, meeting room, gymnasium and swimming pool. Residents will also have convenient access to the Metro station, located right next to the serviced residence.
Meanwhile, Ascott Financial City Chengdu is part of the landmark 58-storey Chengdu Financial City twin-tower development comprising Grade A offices and entertainment facilities. The development is located within the New South Area and the serviced residence, which features homes ranging from studio to four-bedroom units, will be surrounded by commercial developments like Tianfu Software Park and Chengdu Financial Center. Facilities include a gymnasium, swimming pool, spa, sauna, business centre, reading lounge and meeting room.
“We will continue to tap on more opportunities in tier-1 cities like Beijing where we still see abundant demand for international serviced residences from business travellers and tourists. In the mean time, we are deepening our presence in high growth cities such as Chengdu where foreign direct investment and tourism are expected to increase exponentially in the next few years,” Lee said.
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