ASCOTT ACCELERATES EXPANSION IN CHINA WITH TWO MORE PROPERTIES IN CHENGDU AND BEIJING

On track to achieve 12,000 apartment units in China by 2015

(Singapore, 31st August 2011) CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched contracts to manage two more properties in Chengdu and Beijing. The 181-unit Ascott Financial City Chengdu, which is the first premier Ascott-branded property in Chengdu, is slated to open in 2014. The 187-unit Somerset Wangjing Beijing, which is the first international brand of serviced residence in Beijing’s thriving Wangjing business area, is scheduled to open in 2013.

With the latest additions, Ascott has further strengthened its leadership position as the largest international serviced residence owner-operator in China and is on track to achieve 12,000 apartment units in the country by 2015.

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “We are pleased to secure two more management contracts which add over 360 apartment units to our portfolio. Ascott will now have around 7,000 apartment units in 38 properties across 16 cities in China. Our quick expansion in China demonstrates the importance of the country as a key growth market for us and our strong confidence in its future development. We will continue to tap on more opportunities in tier-1 cities like Beijing where we still see abundant demand for international serviced residences from business travellers and tourists. In the mean time, we are deepening our presence in high growth cities such as Chengdu where foreign direct investment and tourism are expected to increase exponentially in the next few years.”

Ascott Financial City Chengdu

Ascott Financial City Chengdu is part of the landmark 58-storey Chengdu Financial City twin-tower development comprising Grade A offices and entertainment facilities. Located within New South Area, which is the up and coming business centre of Chengdu, the serviced residence will be surrounded by commercial developments such as Chengdu Financial Center and Tianfu Software Park, and the offices of many multinational companies including IBM, SAP and Symantec. Within walking distance are the Chengdu Ocean Park, Chengdu Opera House, Chengdu International Exhibition & Convention Center, shopping malls such as IKEA and GTC, and international schools. The property will be linked to a Metro station, providing convenient access to various destinations in the city including the Shuangliu International Airport.

Business and leisure travellers will be able to choose from a range of studios to four-bedroom apartments to suit their lifestyle needs. Facilities include a swimming pool, gymnasium, spa, sauna, children’s playroom, business centre, meeting room and reading lounge.

Somerset Wangjing Beijing

Somerset Wangjing Beijing is strategically located in the bustling Wangjing business area within the Chaoyang District. Positioned as Beijing’s second central business district, Wangjing is home to the China headquarters of many multinational companies including Daimler, Siemens and Caterpillar. Many Grade A office towers and commercial buildings will be developed to attract more corporations to set up offices in Wangjing. As the first international brand of serviced residence in Wangjing, Somerset Wangjing Beijing will enjoy first mover advantage in attracting expatriates and project teams who work in the area.  

The property will offer studios, one-, two- and three-bedroom apartments. Residents can enjoy facilities such as a gymnasium, swimming pool, business centre and meeting room. They will also be able to travel easily throughout the city with the Metro station located right next to the serviced residence.