ASCOTT CONTINUES EXPANSION IN CHINA WITH THREE MORE CONTRACTS IN SHANGHAI AND SUZHOU

(Shanghai, 26 December 2012) CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded contracts to manage three more properties with more than 500 apartment units in China. The 90-unit Ascott Heng Shan Shanghai, 250-unit Ascott Emerald City Suzhou and 194-unit Somerset Baitang Suzhou are scheduled to open in 2014, 2015 and 2017, respectively. These new contracts reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China, with over 8,000 apartment units in 46 properties across 17 cities.

Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, said: “Strong foreign direct investment and growth in tourism and domestic travel continue to drive demand for quality accommodation in China. Shanghai is a renowned financial and shipping centre. The metropolis is also reshaping itself as a top tourist destination with several projects, including the Shanghai Disney Resort, to attract more visitors. Suzhou, besides being a well-known tourist destination, is a thriving manufacturing, IT and R&D hub. Its Gross Domestic Product is second only to Shanghai in the East China region.”

Mr Lee added: “With the latest additions, we now have more than 10 serviced residences in Shanghai and Suzhou. Deepening our presence in these two cities enables us to better tap the fast-growing demand for serviced residences and build economies of scale in our operations.”

About Ascott Heng Shan Shanghai, Ascott Emerald City Suzhou and Somerset Baitang Suzhou

Ascott Heng Shan Shanghai is located in the heart of the Xuhui District, close to foreign consulates, the Xujiahui Commercial Center and key commercial and shopping areas along Nanjing Road and Huaihai Road. It is also near the offices of major multinational corporations as well as many popular restaurants and pubs along Hengshan Road. Travellers will enjoy convenient access to various destinations in Shanghai and other cities in China as Ascott Heng Shan Shanghai is right next to the Metro Line 1 station and is near the Shanghai Railway Station. They can choose from elegant one- to three-bedroom apartments to suit their lifestyle needs.

Ascott Emerald City Suzhou has a strategic location in the Suzhou New District (SND) where more than 2,000 multinational corporations from various industries such as consumer electronics, IT, biotechnology and pharmaceuticals have set up operations. The serviced residence is part of The Emerald City, an integrated development comprising retail outlets, offices, restaurants, leisure facilities and a supermarket. Within walking distance are the SND Financial Banking Street and Metro Line 1 station, while the Suzhou Train Station is just a 10-minute drive from the property. Ascott Emerald City Suzhou will offer a wide range of studios, one-, two- and three-bedroom units, as well as penthouses.

Somerset Baitang Suzhou is centrally located in the Suzhou Industrial Park, adjacent to the Jinji Lake East Central Business District. It is surrounded by the offices of government departments such as the Suzhou Industrial Park Administrative Committee and Property Rights Trading Center, as well as the Suzhou branch office of several financial institutions including the Bank of China, Industrial and Commercial Bank of China and China Merchants Bank. Residents can relax at the Baitang Botanical Garden, enjoy shopping at the nearby Times Square, Shin Kong Mitsukoshi Department Store and Eslite Bookstore as well as travel around the city via Metro Line 1.

The three serviced residences will provide comprehensive facilities including a swimming pool, sauna, spa, gymnasium, business centre, meeting room, breakfast lounge and children’s play area.