Ascott splurges $88.8m on Hong Kong asset

It's a 55-unit property.

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, has acquired an operating serviced residence in Hong Kong for HK545 million, approximately S$88.8m. The 55-unit property will be rebranded as Citadines Mercer Hong Kong in the third quarter of 2014.

Strategically located in Sheung Wan on Hong Kong Island, Citadines Mercer Hong Kong is next to the CBD and is close to the trendy Soho area.

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