Ascott extends presence in China with Chengdu property

Portfolio in China increases to 27 properties in 13 cities with addition of Somerset Riverview, Chengdu.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has expanded into Chengdu, China, with its latest property in the country – Somerset Riverview, Chengdu. The serviced residence was acquired through the Ascott China Fund and is operational from April 2010. This increases Ascott’s portfolio in China to over 5,000 apartment units in 27 properties across 13 cities – Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Hong Kong, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan and Xi’an.

Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said: “Ascott’s expansion into Chengdu demonstrates the importance of China as a key growth market for us. It will enable us to establish a strong foothold in western China and further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in the country. As the provincial capital of Sichuan, Chengdu is one of the most important economic centres as well as transportation and communications hubs in western China. As part of its Western Development programme, the Chinese government has also made concerted efforts to attract foreign investors, business travellers and intra-regional travellers to Chengdu. This will generate significant demand for our serviced residence.”

Somerset Riverview, Chengdu is strategically located within the downtown central business district along South Renmin Road. It sits next to the main artery connecting the downtown central business district to another major commercial area in the city’s south which is a well-known venue for conventions and exhibitions. The property is also a 15-minute walk to the landmark Tianfu Square which is home to major shopping malls and a transportation hub that provides convenient access to various destinations in the city.

Furthermore, Somerset Riverview, Chengdu is next to a premier grade A office building – Central Point Phase 2. Scheduled for completion by the fourth quarter of 2010, the office building is primed to attract major international companies as tenants. This will enable Ascott to tap on the demand from expatriates and business travellers for international-class accommodation at the serviced residence.

The 200-unit Somerset Riverview, Chengdu offers apartments ranging from studios to duplexes, catering to the different lifestyle needs of both short- and long-stay customers. All apartments provide a fully-equipped kitchen, en-suite bathroom and separate living and work areas.