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CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured contracts to manage two more serviced residence properties in Xi’an and Shenzhen. This follows Ascott’s recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April. The latest additions – Somerset Gaoxin, Xi’an and Somerset Grandview, Shenzhen – are scheduled to open in 2012 and 2013 respectively.
Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “China is an important market for Ascott. Besides growing in cities such as Beijing and Shanghai, we have been expanding rapidly in other cities like Xi’an and Shenzhen where there is high demand for serviced residences. Our Citadines Xi’an Central and Somerset Garden City, Shenzhen have achieved strong occupancy of above 80%. We will also open Ascott Maillen Shenzhen this year and two more Citadines-branded serviced residences in Xi’an by 2012. Our two latest Somerset-branded properties will reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China. They will increase our China portfolio to more than 5,500 apartment units in 29 properties across 13 cities.”
Somerset Gaoxin, Xi’an
Somerset Gaoxin, Xi’an is Ascott’s first Somerset-branded serviced residence in the city. Strategically located on Tang Yan Road, which is within the new commercial centre of the Xi’an Hi-tech Development Zone, the serviced residence will be surrounded by many technology and financial services enterprises. This will enable Ascott to cater to the strong demand for international-class accommodation by expatriates and business travellers working in the new commercial centre.
Residents will enjoy convenient access to various amenities including shopping malls and supermarkets, as well as the Tang Dynasty City Wall Park, a major attraction located just next to Somerset Gaoxin, Xi’an. The serviced residence will also be part of a mixed development which comprises a clubhouse and a retail podium.
Somerset Grandview, Shenzhen
Somerset Grandview, Shenzhen will be centrally located on Xinsha Road, close to the Futian Central Business District. The property will be next to the Shenzhen Golf and Country Club and it will be surrounded by high-end estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed subsidiaries and associates of CapitaLand include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust and Quill Capita Trust.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
