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SG Ascott to manage serviced apartments in Wuxias

Property Here - Thursday, May 16, 2013

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By Nikki De Guzman:

The Ascott Limited (Ascott) continues to grow its presence in China after securing contracts to manage two new serviced residences in Wuxi – Ascott Central Wuxi (pictured) and Somerset Wuxi — both expected to open in 2015.

The 134-unit Ascott Central Wuxi will cater to business executives while the 169-unit Somerset Wuxi is ideal for families.

Both developments comprise spacious apartments ranging from studios to three-bedders. All units come with a fully-equipped kitchen and separate work and living areas. Facilities include a gym, business centre, meeting rooms and breakfast lounge.

Lee Chee Koon, Deputy CEO and Managing Director for North Asia at Ascott, said: “As China continues to attract strong foreign direct investment, it is expected to enjoy healthy demand for quality accommodation. Revenue per available unit for our serviced residences in China increased by four percent in Q1 2013 compared to the same period last year.”

“Besides Ascott Central Wuxi and Somerset Wuxi, we will open 19 more serviced residences in China by 2017. By strengthening our network in China, we can achieve greater economies of scale and reinforce Ascott’s leadership position.”

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email