CapitaLand’s wholly-owned serviced residence company, The Ascott Limited (Ascott), has bought an operating serviced residence in Hong Kong (pictured) for HK$545 million (approx. S$88.8 million).
Ascott plans to rebrand the property as Citadines Mercer Hong Kong in Q3 this year, making it the firm’s fourth property in the territory.
Located in Sheung Wan on Hong Kong Island, the 55-unit development is next to the central business district and a 10-minute walk to the International Finance Centre. The shopping and entertainment hub of Lan Kwai Fong is also nearby.
Kevin Goh, Ascott’s Managing Director for North Asia, said: “There is
strong demand for serviced residences from expatriates and travellers in
Hong Kong as it remains a key metropolitan city in Asia for foreign
direct investment, especially for companies seeking to expand in the
fast growing Pearl River Delta region.”
This latest acquisition further strengthens Ascott’s leadership position in China with more than 10,300 apartment units in 57 properties across 20 cities.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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