ASCOTT STRENGTHENS FOOTHOLD IN CHINA’S HIGH GROWTH CITIES

(Singapore, 19 July 2012) CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its third property in Chengdu. The premier Ascott Raffles City Chengdu will offer 296 luxurious apartments when it opens in 2013. This follows Ascott’s recent contract wins to manage its first serviced residence in Xiamen, Citadines Jinshang Road Xiamen, and its second property in Wuhan, Somerset Wusheng Wuhan, which are scheduled to open in late 2012 and 2013 respectively. The new properties further enhance Ascott’s leadership position as the largest international serviced residence owner-operator in China with about 7,800 apartment units in 42 properties across 17 cities.

Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, 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. These cities have been attracting investments from many multinational and local corporations due to their rapid urbanisation and strong infrastructure. Chengdu, Wuhan and Xiamen are also well-known tourist destinations. By strengthening our foothold in these cities, we can cater to the growing demand for quality accommodation from both international and domestic travellers.”

“Ascott Raffles City Chengdu is our third serviced residence within CapitaLand’s signature Raffles City brand of integrated developments. We launched Ascott Raffles City Beijing in 2009 and Ascott Raffles City Hangzhou is scheduled to open in 2015. 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,” added Mr Lee.

Ascott Raffles City Chengdu is strategically located in the heart of Chengdu’s bustling central business center along Renmin Nan Road. It is part of the Raffles City Chengdu integrated development which is designed by renowned architect Steven Holl and comprises serviced residences, Grade A offices, luxury apartments and a shopping mall. The serviced residence is connected to a metro interchange and is surrounded by commercial towers, retail shops, restaurants and entertainment outlets.

When completed, Ascott Raffles City Chengdu will offer spacious and luxurious studio, one-, two- and three-bedroom apartments. Residents can enjoy comprehensive facilities such as an indoor swimming pool, sauna, spa, gymnasium, reading lounge, restaurants and children’s play area. Business travellers can also make use of the serviced residence’s business centre, meeting rooms and ballrooms.

In Chengdu and Wuhan, Ascott currently operates Somerset Riverview Chengdu and Citadines Zhuankou Wuhan. It expects to open Ascott Financial City Chengdu in 2014.