ASCOTT EXPANDS IN CHINA WITH NEW SERVICED RESIDENCES IN FOSHAN AND HONG KONG

(Singapore, 21 November 2011) CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched contracts to manage two properties in Foshan and Hong Kong SAR. The latest additions further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China with over 7,000 apartment units in 40 properties across 17 cities. The 186-unit premier Ascott M-City Foshan, which is Ascott’s first serviced residence in Foshan, is slated to open in 2016. The 71-unit Somerset Victoria Park Hongkong will be Ascott’s second serviced residence in Hong Kong when it opens in 2013. Ascott currently owns and operates Citadines Ashley Hongkong which is located in the bustling Tsim Sha Tsui district.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “China is one of Ascott’s fastest growing markets. We entered Macau earlier this year and the addition of Foshan will enable us to further grow our scale in the Pearl River Delta region. With its established infrastructure and easy access to Guangzhou, Hong Kong and Macau, Foshan has attracted investments from many multinational companies such as Toshiba, Volkswagen and INVISTA. Foshan is also expected to become the largest manufacturing hub in Guangdong province. By having Ascott’s first serviced residence in Foshan and a second property in metropolis Hong Kong, we are poised to cater to the strong demand for quality accommodation from the increasing number of expatriates and travellers in the region.”

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “With our latest properties in Foshan and Hong Kong, Ascott has secured over 870 apartment units in six serviced residences in China so far this year. We also opened new properties in Shenzhen and Xi’an and are excited to open our exclusive Ascott IFC Guangzhou next year. Ascott is on track to almost double its China portfolio to 12,000 apartment units by 2015.”

Ascott M-City Foshan

Ascott M-City Foshan has a prime location in Foshan’s newly-developed central business district - Dongping New Town. The serviced residence is part of the Dongping New Town Transportation Centre, which is a landmark development comprising Grade A offices and a shopping mall. Several government offices, commercial developments and recreational facilities such as the Century Lotus Sports Centre and Foshan Park are within walking distance from the serviced residence. The train and metro stations located right next to Ascott M-City Foshan provide convenient access to Guangzhou and various destinations within Foshan.
When completed, the premier Ascott M-City Foshan will offer spacious and elegantly designed apartments ranging from studios to three-bedroom units. Residents can enjoy extensive facilities including a swimming pool, gymnasium, yoga room, reading room, business centre, conference room and breakfast lounge.

Somerset Victoria Park Hongkong

Ideal for business and leisure travellers, Somerset Victoria Park Hongkong is conveniently located near Victoria Park and Causeway Bay, which is one of Hong Kong’s busiest commercial, retail and entertainment districts. The serviced residence is surrounded by office towers including AIA Tower, Citicorp Center and Manulife Tower. It is also close to the Hong Kong Convention and Exhibition Centre and Tin Hau Mass Transit Railway station.

Somerset Victoria Park Hongkong offers a range of stylish studio, one- and two-bedroom apartments. Residents can make use of the gymnasium at the serviced residence and enjoy a wide array of recreational facilities as well as dining and entertainment options in the nearby Causeway Bay Sports Ground and shopping malls including Times Square, Windsor House and Sogo.