Commercial & Industrial Property News Update

China - Ascott Limited To Manage New Property In Chengdu In 2013


July 23, 2012

In addition, Ascott has also been signed to manage hospitality properties in Xiamen and Wuhan, making it the largest international serviced residence owner-operator in China.

CapitaLand is expanding its range and presence in China through the activities of its wholly owned serviced residence unit, Ascott Limited.

In recent days, Ascott has been signed to manage new luxury serviced apartment developments in three Chinese cities: Chengdu, Xiamen and Wuhan.

The Ascott Raffles City Chengdu is scheduled to open in 2013, and will add 296 luxury apartments to the roster available to domestic and international travellers to Chengdu. The rooms will be available in a range of configurations, from one- to three-bedroom units and studio units.

Residents will enjoy a range of facilities including an indoor swimming pool, sauna, reading lounge, spa, gymnasium, children's play area and restaurants. There will also be a business centre and meeting rooms for corporate travelers.

In addition, Ascott has also secured contracts to manage Citadines Jinshang Road in Xiamen as well as Somerset Wusheng Wuhan. The addition of these three new properties have propelled Ascott's total space under management to 7,800 apartments in 42 properties across 17 cities. This means that Ascott is now the largest international serviced residence owner-operator in China.

Lee Chee Koon, Deputy Chief Executive Officer and Managing Director for North Asia at Ascott said, "Besides expanding in the gateway cities such as Beijing and Shanghai, we also see tremendous potential in China's high growth cities such as Chengdu, Wuhan and Xiamen."

He noted that with their strong infrastructre and rapid urbanisation, cities in China remain attractive for both local and multinational corporations. Ascott's strategy of increasing its foothold in these cities will allow it to tap into "growing demand for quality accommodation from both international and domestic travellers".

"When Ascott Raffles City Chengdu opens next year, it will offer our guests another first class experience with a world of conveniences like shopping and dining right at their doorstep," he added.

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