Ascott boosts China presence with 8 new properties

It adds a record number of over 2,800 units.

CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has inked contracts to manage eight new serviced residences in China’s high growth cities of Beijing, Chongqing, Haikou, Hangzhou, Shanghai and Xiamen through its Ascott, Citadines and Tujia Somerset brands.

The properties with more than 1,200 apartment units will boost Ascott’s leading position in China, as it adds a record number of more than 2,800 apartment units across 16 new properties this year.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Ascott has made tremendous inroads in China this year. We have secured the highest number of units of all time, made our most expansive growth across 12 cities in China and extended our footprint to Haikou and Shaoxing. Besides forming strategic alliances and securing more management contracts, being the first serviced residence company to partner new economy leaders like Tujia and Fliggy (Alitrip), has given us significant first-mover advantage to boost Ascott’s presence in the country as the fastest growing international serviced residence company. As we scale new heights, we are closing in on our target of 20,000 apartment units in China and 80,000 units globally by 2020.”

Of the eight new serviced residences signed, Tujia Somerset Palm Springs Chongqing is already operational and the other seven – Ascott Central Haikou, Citadines Taoyuanju Chongqing, Citadines Xixi Wetland Hangzhou and four more Tujia Somerset properties – are scheduled to open from next year to 2020. This year, Ascott also opened 10 properties in China, adding more than 1,900 units to its network of serviced residences.