CapitaLand unit secures first serviced residence in Xiamen

Portfolio in China increases to over 8,000 apartment units in 42 properties across 17 cities.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first serviced residence in Xiamen.

 Slated to open in late 2012, the 169-unit Citadines Jinshang Road Xiamen is the first international branded serviced residence in Xiamen, Fujian Province.

Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said: “China is Ascott’s fastest growing market. Besides the tier one cities, we see potential in other growth cities like Xiamen which is one of the five special economic zones in China. As a centre for commerce, international shipping and technological innovation, Xiamen has attracted investments from many multinational corporations such as DELL, Lenovo, Coca-Cola and ABB. Xiamen is also a leading city for trade fairs and a well-known tourist destination. As the first international branded serviced residence in Xiamen, Citadines Jinshang Road Xiamen will enjoy first mover advantage in catering to the strong demand for quality accommodation.”