Minister Lim Swee Say Launches Ascott's First Property In Chengdu
Singapore, 3 September 2010 - CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), held a grand opening ceremony today for its first serviced residence property in Chengdu – the 200-unit Somerset Riverview Chengdu.
Mr Lim Swee Say, Minister in the Prime Minister's Office of Singapore officiated the event. Other guests included Mr Wang Zhong Lin, Deputy Mayor of Chengdu, Mr Shi Jiang, Deputy Secretary-General of Chengdu government and Ms Soh Swee Ping, Consul, Consulate of the Republic of Singapore - Chengdu, and Regional Director for West China, International Enterprise (IE) Singapore.
Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said: "China continues to be one of our fastest growing markets. Besides the grand opening of our first property in Chengdu today and Ascott Huai Hai Road Shanghai last month, we will open another four new properties in China later this year. With China's strong economic growth, we will continue to expand our presence in the key growth cities to double our network in China to 12,000 apartment units by 2015. Western China has immense potential for Ascott to grow its presence. We expect strong demand for serviced residences as the government has been attracting foreign investments and travellers to the region through its Western Development programme. The opening of Somerset Riverview Chengdu, our third property in western China, demonstrates our confidence in the region."
Mr Lim, who is also Deputy Chairman of CapitaLand China Executive Committee, added: "The rapid development of real estate in Chengdu is also drawing a host of renowned foreign and domestic developers. CapitaLand already has a strong presence in Chengdu. CapitaLand's integrated shopping mall business, CapitaMalls Asia, has five retail properties in Chengdu, of which two are already operational, with Meili Mall and Tianfu Mall targeted to open by 2013. CapitaLand China is also building a new residential project, Loft, and our first Raffles City mixed development in Chengdu will open by the end of next year."
Since its soft launch in April this year, Somerset Riverview Chengdu has garnered many favourable reviews from its residents. Overlooking the Jinjiang River, Somerset Riverview Chengdu is strategically located within the downtown central business district along South Renmin Road. Unionsun Yangkuo Plaza, a premier grade A office building, is next to the serviced residence property. Prominent office buildings including Lippo Tower, Times Plaza and Plaza Central are within a five-minute drive. Somerset Riverview Chengdu 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.
The new serviced residence property 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 with WiFi internet service and home entertainment system.
Somerset Riverview Chengdu's comprehensive facilities, which provide the perfect balance between work and play, include a children's indoor playroom, yoga / dance studio, fully-equipped gymnasium, sauna, rooftop garden with a barbecue area, snooker tables and even a boxing ring.
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 over 70 cities across more than 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 developmentsspans 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
Tan Hock Lee, Assistant Manager, Corporate Communications
Tel: (65) 6500 3402
HP: (65) 9108 7017