Ascott Extends Leadership In China With First Property In Chengdu
Portfolio in China increases to 27 properties in 13 cities
Singapore, 5 April 2010 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has expanded into Chengdu, China, with its latest property in the country – Somerset Riverview, Chengdu. The serviced residence was acquired through the Ascott China Fund and is operational from April 2010. This increases Ascott’s portfolio in China to over 5,000 apartment units in 27 properties across 13 cities – Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Hong Kong, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan and Xi’an.
Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said: “Ascott’s expansion into Chengdu demonstrates the importance of China as a key growth market for us. It will enable us to establish a strong foothold in western China and further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in the country. As the provincial capital of Sichuan, Chengdu is one of the most important economic centres as well as transportation and communications hubs in western China. As part of its Western Development programme, the Chinese government has also made concerted efforts to attract foreign investors, business travellers and intraregional travellers to Chengdu. This will generate significant demand for our serviced residence.”
Somerset Riverview, Chengdu is strategically located within the downtown central business district along South Renmin Road. It sits next to the main artery connecting the downtown central business district to another major commercial area in the city’s south which is a well-known venue for conventions and exhibitions. The property is also a 15-minute walk to the landmark Tianfu Square which is home to major shopping malls and a transportation hub that provides convenient access to various destinations in the city.
Furthermore, Somerset Riverview, Chengdu is next to a premier grade A office building – Central Point Phase 2. Scheduled for completion by the fourth quarter of 2010, the office building is primed to attract major international companies as tenants. This will enable Ascott to tap on the demand from expatriates and business travellers for international-class accommodation at the serviced residence.
The 200-unit Somerset Riverview, Chengdu offers apartments ranging from studios to duplexes, catering to the different lifestyle needs of both short- and long-stay customers. All apartments provide a fully-equipped kitchen, ensuite bathroom and separate living and work areas.
About The Ascott Limited
Ascott is the world's largest international serviced residence owner-operator with over 19,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as around 6,000 units which are under development, making a total of over 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 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’, Business Traveller Asia Pacific Awards 2009 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia Pacific’ and TTG China Travel Awards 2009 ‘Best Serviced Residence Operator in China’.
About Ascott China Fund
Ascott China Fund, which is 33% owned by Ascott, is the first private equity fund dedicated to investing in serviced residences across China. Since its launch in 2007 with a total capital of US$500 million, Ascott China Fund currently owns nine serviced residence properties, all managed by Ascott, in eight cities 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 subsidiaries and associates of CapitaLand include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust and CapitaRetail China Trust.