Ascott Strengthens Leadership Position In China With Three New Properties In Wuhan, Tianjin And Xi'an
Poised to achieve 12,000 apartment units in China by 2015
Singapore, 3 November 2010 - CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has opened three new serviced residence properties with over 600 apartment units in three cities across China. The 105-unit Somerset International Building Tianjin is Ascott’s latest acquisition through its private equity fund, Ascott China Fund. The 249-unit Citadines Zhuankou Wuhan is Ascott’s first property in Wuhan while the 251-unit Citadines Gaoxin Xi’an is one of the company’s four properties in Xi’an.
The new properties reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China. Ascott currently has over 6,300 apartment units in 34 properties across 15 cities in China.
Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “We are very confident of the outlook for the serviced residence business in China. The country has been a top business and leisure destination with its rapid development and high foreign investment. Ascott already has a strong presence in a number of major cities in China. Our first property in Wuhan and new properties in Tianjin and Xi’an reaffirm Ascott’s commitment to expand its business in the country. We plan to open two more properties in Shenzhen and Shenyang before the end of 2010. We will also continue to strengthen our presence in cities where we have properties and expand to other cities to achieve 12,000 apartment units in China by 2015.”
Somerset International Building Tianjin
Somerset International Building Tianjin enjoys a prime location along Nanjing Road, Tianjin’s main commercial street in the heart of its central business district. Occupying the 27th to 36th floors of the landmark 37-storey Tianjin International Building, which comprises Grade A offices and retail outlets, the apartments offer panoramic views of the city’s beautiful skyline.
Surrounding the property are major office buildings such as the International Commercial Trade Centre and Tianjin Centre, department stores like Isetan and attractions including the Tianjin Concert Hall and Five Avenues District.
The property is a short drive to the Tianjin Binhai International Airport and Tianjin Railway Station, and a five-minute walk to the metro station which provides convenient access to various destinations in the city.
Travellers can choose from a range of spacious one- to three-bedroom apartments that come with separate living and work areas, and a fully-equipped kitchen. They can enjoy facilities including a gymnasium and steam and sauna room. The Somersetbranded property also provides a playroom to cater to residents with children.
Citadines Zhuankou Wuhan and Citadines Gaoxin Xi’an
Citadines Zhuankou Wuhan is strategically located within the Wuhan Economic and Development Zone, Hanyang. It is a short walk to major commercial developments and offices such as the Xianglong Times Business Center and Dongfeng Peugeot Citroen Automobile Company headquarters. The property is part of a mixed development with restaurants and retail outlets. A wide range of amenities including shopping malls, supermarkets and food & beverage outlets are also located near the property.
Citadines Gaoxin Xi’an is situated in the centre of the Hi-Tech Development Zone and enjoys close proximity to commercial developments such as Pioneer Square, Hi- Tech International Business Center, Gao Ke Plaza and Sea Star Square. A variety of retail, dining and entertainment facilities are available at the Golden Eagle and Ginwa shopping malls which are a short walk away. Residents can also visit the nearby historic City Wall of Tang Dynasty Park and Antique City of Tang Dynasty.
The two new Citadines-branded properties offer apartments ranging from studios to two-bedroom units and facilities including a gymnasium and steam and sauna room. In addition, a heated indoor swimming pool is available in Citadines Zhuankou Wuhan. Travellers can enjoy the flexibility to choose the services they require, according to their lifestyle needs.
To celebrate the opening of the two Citadines-branded properties and CapitaLand’s 10th Anniversary, Ascott is offering promotional rates from RMB 380 and RMB 448 per night for a studio apartment in Citadines Gaoxin Xi’an and Citadines Zhuankou Wuhan respectively.
About The Ascott Limited
The Ascott Limited 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 26,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 60 cities across 20 countries, 12 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 Travel Awards 2010 ‘Best Serviced Residence Operator’, Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’, Business Traveller Asia-Pacific Awards 2010 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, TTG China Travel Awards 2010 ‘Best Serviced Residence Operator in China’ and DestinAsian Readers’ Choice Awards 2010 ‘Best Serviced Residence in Asia Pacific’.
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 ten 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 entities in the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.