21 Nov

Ascott Expands In China With New Serviced Residences In Foshan And Hong Kong

Singapore, 21 November 2011 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched contracts to manage two properties in Foshan and Hong Kong SAR. The latest additions further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China with over 7,000 apartment units in 40 properties across 17 cities. The 186-unit premier Ascott M-City Foshan, which is Ascott’s first serviced residence in Foshan, is slated to open in 2016. The 71-unit Somerset Victoria Park Hongkong will be Ascott’s second serviced residence in Hong Kong when it opens in 2013. Ascott currently owns and operates Citadines Ashley Hongkong which is located in the bustling Tsim Sha Tsui district.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “China is one of Ascott’s fastest growing markets. We entered Macau earlier this year and the addition of Foshan will enable us to further grow our scale in the Pearl River Delta region. With its established infrastructure and easy access to Guangzhou, Hong Kong and Macau, Foshan has attracted investments from many multinational companies such as Toshiba, Volkswagen and INVISTA. Foshan is also expected to become the largest manufacturing hub in Guangdong province. By having Ascott’s first serviced residence in Foshan and a second property in metropolis Hong Kong, we are poised to cater to the strong demand for quality accommodation from the increasing number of expatriates and travellers in the region.”

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “With our latest properties in Foshan and Hong Kong, Ascott has secured over 870 apartment units in six serviced residences in China so far this year. We also opened new properties in Shenzhen and Xi’an and are excited to open our exclusive Ascott IFC Guangzhou next year. Ascott is on track to almost double its China portfolio to 12,000 apartment units by 2015.”

Ascott M-City Foshan

Ascott M-City Foshan has a prime location in Foshan’s newly-developed central business district - Dongping New Town. The serviced residence is part of the Dongping New Town Transportation Centre, which is a landmark development comprising Grade A offices and a shopping mall. Several government offices, commercial developments and recreational facilities such as the Century Lotus Sports Centre and Foshan Park are within walking distance from the serviced residence. The train and metro stations located right next to Ascott M-City Foshan provide convenient access to Guangzhou and various destinations within Foshan.

When completed, the premier Ascott M-City Foshan will offer spacious and elegantly designed apartments ranging from studios to three-bedroom units. Residents can enjoy extensive facilities including a swimming pool, gymnasium, yoga room, reading room, business centre, conference room and breakfast lounge.

Somerset Victoria Park Hongkong

Ideal for business and leisure travellers, Somerset Victoria Park Hongkong is conveniently located near Victoria Park and Causeway Bay, which is one of Hong Kong’s busiest commercial, retail and entertainment districts. The serviced residence is surrounded by office towers including AIA Tower, Citicorp Center and Manulife Tower. It is also close to the Hong Kong Convention and Exhibition Centre and Tin Hau Mass Transit Railway station.

Somerset Victoria Park Hongkong offers a range of stylish studio, one- and two-bedroom apartments. Residents can make use of the gymnasium at the serviced residence and enjoy a wide array of recreational facilities as well as dining and entertainment options in the nearby Causeway Bay Sports Ground and shopping malls including Times Square, Windsor House and Sogo.

About The Ascott Limited

The Ascott Limited is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 7,000 units which are under development, making a total of more than 28,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 15 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. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 27-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller Asia-Pacific Awards 2011 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, Business Traveller UK Awards 2011 ‘Best Serviced Apartment Company’, TTG Travel Awards 2011 ‘Best Serviced Residence Operator’ and TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’.

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, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.


Joan Tan, Assistant Vice President, Corporate Communications

Tel: (65) 6500 3401   

HP: (65) 9743 9503   

Email: joan.tan@the-ascott.com

Tan Hock Lee, Manager, Corporate Communications

Tel: (65) 6500 3402   

HP: (65) 9108 7017   

Email: tan.hocklee@the-ascott.com