Ascott Accelerates Expansion In China With New Serviced Residences In Xi'an And Shenzhen
Singapore, 7 July 2010 - 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 office towers, shopping malls, and food & beverage outlets. Travellers will enjoy a wide range of dining and retail options at two nearby major shopping malls - Coco Park and Central Walk. Somerset Grandview, Shenzhen will also provide easy access to transportation including subways, taxis and buses.
When completed, the 233-unit Somerset Gaoxin, Xi'an and 128-unit Somerset Grandview, Shenzhen will offer a range of apartment types from studios to threebedroom units, catering to the different lifestyle needs of both short- and long-stay travellers. All apartments will provide a fully-equipped kitchen, ensuite bathroom and separate living and work areas. Residents can enjoy a leisurely swim in the pool, work out in the gymnasium, or discover Xi'an and Shenzhen through Ascott's residents programmes. There will also be a playroom in each property to cater to travellers with children.
About The Ascott Limited
Ascott is the world's largest international serviced residence owner-operator with over 20,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 5,000 units which are under development, making a total of more than 25,000.
The company operates three brands - Ascott, Somerset and Citadines. Its portfolio spans 69 cities in 22 countries, 11 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class serviced residence in 1984. It also established the world's first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 26- year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include TTG China Travel Awards 2010 "Best Serviced Residence Operator in China, DestinAsian Readers' Choice Awards 2010 "Best Serviced Residence in Asia Pacific", TTG Travel Awards 2009 "Best Serviced Residence Operator", Business Traveller UK Awards 2009 "Best Serviced Apartment Company" and Business Traveller Asia Pacific Awards 2009 "Best Serviced Residence Brand" and Best Serviced Residence in Asia Pacific".
About CapitaLand Group
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, realestate 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.