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SG 3 new China properties for Ascott

Property Here - Friday, August 16, 2013

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The Ascott Limited (Ascott), the serviced residence arm of CapitaLand, has clinched contracts to manage three new properties in China.

This is expected to generate 567 apartment units in key cities across the country. 

Slated to open in 2017, the 250-unit Somerset Swan Lake Hefei is Ascott's first serviced residence in the city. The other two properties – Ascott Nanbin Chongqing with 150 units and Somerset Software Park Xiamen (167 units), will be ready in two years. 

According to Kevin Goh, Ascott’s Managing Director for North Asia, strong economic growth and foreign investment have generated a large demand for serviced residences in high growth cities such as Hefei, Chongqing and Xiamen.  

All three developments will feature units that come with fully-equipped kitchens and separate work and sleeping areas. Facilities include a gymnasium, meeting room, business centre, swimming pool, children’s play area and breakfast and residence lounges.

“China is our key market and we are growing rapidly through management contracts, investments and strategic alliances. We are on track to achieve our target of 12,000 apartment units in China by 2015,” said Lee Chee Koon, Ascott’s CEO.

Image: Somerset Software Park (Artist's impression)




Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@allproperty.com.sg