02 Aug

Ascott Unveils Transformational Change For The Next Phase Of Growth

Ascott targets 40,000 apartment units by 2015

Ascott adds five Ascott-branded properties

Ascott invests S$50 million to refurbish properties in Asia and Europe over next 12 months

Singapore, 2 August 2010
– CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has announced its target to grow its global portfolio to 40,000 apartment units from the current 26,000 by 2015. Its global expansion plans were unveiled at the launch of the 278-unit Ascott Huai Hai Road Shanghai. The company has also secured contracts to manage four premier Ascott-branded properties with over 800 apartment units across four cities in China, namely Ningbo, Hangzhou, Suzhou and Guangzhou. In Europe, Ascott is converting its Citadines Paris Louvre into Ascott Louvre Paris, the company’s first Ascott-branded property in France. Conversion of the 51-unit serviced residence will be completed in 2011.

The latest additions to Ascott’s portfolio – namely Ascott Raffles City Ningbo, Ascott Raffles City Hangzhou, Ascott Suzhou and Ascott Guangzhou IFC - are slated to open by 2015. Ascott Louvre Paris will be a premier boutique serviced residence that will offer travellers a unique stay experience with its rich heritage and modern comforts. It will be a fine work of art with several sculptures, colonnades, balconies and a beautiful facade. When all these five properties are completed, Ascott will have 20 premier Ascott-branded properties with over 3,800 apartment units in key cities around the world.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “We are aiming for transformational change in Ascott. Growing our global portfolio to 40,000 apartment units by 2015 is one important part of this change. The greater scale will allow us to further upgrade our people and systems to create more value for our customers and ultimately more value for our properties. Besides adding new properties, such as the four new Ascott-branded residences in China, we are also investing S$50 million to refurbish over 10 existing properties in Asia and Europe in the next 12 months. Recently upgraded Citadines South Kensington, Somerset Liang Court and Somerset Grand Cairnhill are all well received and appreciated by our customers.”

Mr Lim added: “Our strategy is to extend Ascott’s dominance in key cities in Asia Pacific and Europe through investments and management contracts. Our Singapore listed REIT, Ascott Residence Trust, and private equity funds such as Ascott China Fund are strong platforms that will enable us to grow rapidly. China, Vietnam, Singapore and India continue to be our key growth markets in Asia. In Europe, we will build upon our strong presence in France, Germany and the United Kingdom. We will also seek opportunities in Spain, Italy, Switzerland, Turkey and the Eastern European countries. Over the last few years, Ascott has been contributing about 10% of CapitaLand’s earnings. Looking ahead, for Ascott to be a significant part of CapitaLand, we hope that Ascott will be able to contribute up to 20% of CapitaLand’s earnings.”

Ascott Huai Hai Road Shanghai

The 278-unit Ascott Huai Hai Road Shanghai is Ascott’s largest serviced residence in the city. It is part of the prestigious Hong Kong Plaza, an integrated lifestyle development comprising offices, retail outlets and entertainment facilities. The property is a short walk to Xintiandi, Shanghai’s premier lifestyle and entertainment hub with a variety of restaurants, cafés, pubs and boutiques. Ascott Huai Hai Road Shanghai also provides immediate access to various business, entertainment and cultural destinations. These include Raffles City Shanghai, People’s Square, Bund Centre, Shanghai Times Square, Shanghai Grand Theatre and Shanghai Museum.

Ascott Raffles City Ningbo

The 160-unit Ascott Raffles City Ningbo is Ascott’s first property in the city. Scheduled to open in 2012, the serviced residence will be located in the commercial district along South Daqing Road. The property will be part of Raffles City Ningbo, a one-stop office, dining, shopping and lifestyle destination. Designed by renowned architectural firm SMC Alsop, Raffles City Ningbo will be an iconic landmark of the city.

Ascott Raffles City Hangzhou

Ascott Raffles City Hangzhou is also Ascott’s first property in Hangzhou and is slated to open in 2015. The 151-unit serviced residence will be part of the Raffles City Hangzhou integrated development which comprises Grade A offices and a major shopping mall. It will be located within the central business district of the Qianjiang New Town which is set to become the new city centre. The property will also be next to the Qiantangjiang River area which is being developed into Hangzhou’s municipal, commercial and recreational centre.

Ascott Suzhou

Ascott Suzhou is the first Ascott-branded serviced residence in Suzhou. Scheduled to open in 2012, the 178-unit property will be centrally located at the intersection of Jingji Lake Road and East Ring Road. It will be within the Suzhou Industrial Park which is home to major projects such as the Suzhou International Expo Centre and International Science and Technology Park. The serviced residence will be part of a mixed development comprising a retail podium. Many multinational companies, the Suzhou University and a major shopping mall will be in its vicinity.

Ascott Guangzhou IFC

Ascott Guangzhou IFC is the second Ascott-branded property in Guangzhou. Slated to open in 2011, the 314-unit serviced residence will have a prime location in Zhujiang New Town, the new Central Business District of Guangzhou. The property will be part of the prestigious Guangzhou International Finance Center which comprises a Grade A office block, shopping mall and an international conference centre. Ascott Guangzhou IFC will also be surrounded by many Grade A commercial buildings, multinational companies and consulates. It will provide convenient access to a wide range of dining, retail and entertainment facilities at the nearby Guangzhou Opera House and major shopping centres including the Guangzhou Friendship Mall and Happy Valley Mall.

Ascott Louvre Paris

Ascott Louvre Paris is just opposite Grand Louvre Museum and next to Palais-Royal and Tuileries gardens. The serviced residence is a few minutes away from renowned shopping districts such as Rue St-Honoré, Avenue de l'Opéra and Place Vendôme. Numerous monuments, museums, boutiques, antique shops, restaurants and several Metro stations are near the property. Many multinational companies, embassies and government offices are also in the vicinity.

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 6,000 units which are under development, making a total of more than 26,000 units.

The company operates three brands – Ascott, Somerset and Citadines. Its portfolio spans 71 cities in over 20 countries, 14 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, 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, 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, Assistant Manager, Corporate Communications

Tel: (65) 6500 3402

HP: (65) 9108 7017

Email: tan.hocklee@the-ascott.com