CapitaLand clinched contract from China Overseas Property

Ascott, CapitaLand's wholly-owned serviced residence business unit will manage the first international brand of serviced residence in Macau SAR.

According to Ascott, the premier serviced residence, slated to open in 2014, is to be named Ascott Paragon Macau.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “Macau is an important travel destination for mainland Chinese as well as global travellers. With the high rate of growth in China, we expect more expatriates and business travellers to Macau as more international companies such as ING, HSBC and Deloitte set up offices in the city. At the same time, Macau’s numerous lifestyle and entertainment spots, coupled with an increasing number of events and trade fairs including Grand Prix Macau and World Heritage Travel Expo, are expected to create strong and growing demand for quality accommodation. As the first international serviced residence brand in Macau, Ascott Paragon Macau will set the benchmark and will be well positioned to cater to the demand for quality serviced residences in the market.”

Ascott Paragon Macau will be strategically located within Dynasty District in the heart of Macau.

When completed, Ascott Paragon Macau is expected to offer about 100 apartments from studios to one-bedroom units to cater to the different lifestyle needs of leisure and business travellers. The spacious apartments will come with a fully-equipped kitchen and elegant furnishing. Residents can enjoy facilities including a swimming pool, gymnasium, business centre and residents’ lounge.