27 Jun

Ascott Surpasses 100th Property Milestone in China With Seven New Properties Secured Across Six Cities

On track to exceed its target of 80,000 units globally by 2020

Singapore, 27 June 2017 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has clinched seven new contracts to manage over 1,300 apartments across six cities in China. These properties mark Ascott’s first foray into Kunming and Yichang while deepening its presence in Chongqing, Dalian, Shenzhen and Xuzhou. To date, Ascott has added more than 2,700 units across 15 properties in China this year. This is a 56% increase compared with the more than 1,700 units and 10 properties secured in the first half of 2016.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “China remains Ascott’s biggest market and we are excited to be surpassing our 100th property milestone in China this year. Chinese are amongst Ascott’s top customers at our properties globally with revenue surging by 35% year-on-year. Awareness of Ascott has also grown significantly in China. In 2016, about 62% of our guests in China are Chinese. With close to 19,000 units in 104 properties across 29 Chinese cities, Ascott will achieve our target of 20,000 units in China well ahead of 2020. With this momentum, we are confident of exceeding our target of 80,000 units globally by 2020.”

In addition, Ascott has listed about 15,000 serviced apartments on Alibaba’s online travel service platform Fliggy, covering its properties in more than 20 destinations most popular amongst Chinese travellers, such as Singapore, Bangkok, Tokyo, Paris and London.

Mr Lee added: “China’s rising incomes are driving domestic travel and making it the world’s biggest outbound travel market. Besides boosting our number of properties in China, Ascott is sharpening our competitive edge by having a stronger online presence. We now have one of the largest serviced apartment listings on Fliggy, which has more than 200 million users. Our penetration of the Chinese market both offline and online is already contributing to Ascott’s business worldwide.”

Of the seven new serviced residences, Tujia Somerset Garden City Chongqing is already operational while Ascott Yulian Plaza Dalian, Citadines Gaoke Liangjiang Chongqing, Citadines Three Gorges Yichang and Somerset Q Plex Shenzhen are slated to open in 2018. Citadines Dianchi Time Plaza Kunming and Tujia Somerset Yunlong Lake Xuzhou are expected to open in 2019.  Please see Annex for further details on the new properties.  

On 15 June 2016, Ascott launched its new lyf brand in China with two properties in Dalian and Shenzhen to seize opportunities in the booming millennial market and rising co-living trend. Earlier this year, Ascott secured contracts to manage six properties in Changsha, Shenzhen, Tianjin, Wuhan, as well as two new cities – Handan and Xuzhou.

At the recent 2017 World Travel Awards Asia & Australasia ceremony held in Shanghai, Ascott was recognised as the finest in the industry by sweeping the top accolades of Asia’s ‘Leading Serviced Apartment Brand’; ‘Leading Serviced Apartments’ in Asia and China; as well as nine accolades for these categories across Hong Kong, Japan, Philippines, Singapore and Vietnam.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 30,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 23,000 units which are under development, making a total of more than 54,000 units in over 300 properties. The company operates three award-winning brands – Ascott, Citadines and Somerset, along with The Crest Collection and lyf. Ascott’s portfolio spans more than 100 cities across 29 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia; TTG China Travel Awards 2017 for 'Best Serviced Residence Operator in China'; DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; World Travel Awards 2016 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2016 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.the-ascott.com/ascottlimited/awards.html

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as at 31 March 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 140 cities in about 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.  

CapitaLand’s competitive advantage is its significant asset base and extensive market network.  Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

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Tujia Somerset Garden City Chongqing (operational)

The 92-unit Tujia Somerset Garden City Chongqing is in an upscale residential district in the vibrant Jiefangbei Central Business District (CBD) that is filled with mega shopping malls and commercial skyscrapers. The serviced residence is well served by public transportation, including three metro subway lines, buses and cabs, providing easy connection to other parts of the city. Ascott’s third serviced residence in Chongqing resides within an eco-park that offers lush greenery, fountains and a restaurant. Guests will have access to facilities such as a gymnasium, swimming pool, breakfast corner, terrace, children’s play corner and pets’ playground. They can also choose from a variety of units, ranging from one- to four-bedroom apartments.

Ascott Yulian Plaza Dalian (opening 2018)

The 161-unit Ascott Yulian Plaza Dalian enjoys a prime location in the heart of Jinpu New District, which has the largest land area among the country’s 13 national economic districts. The area is a hotspot for businesses and foreign investment with its conducive environment for enterprises. Over 60 Fortune Global 500 companies have set up in the area which also has thriving industrial parks, an e-commerce cluster and international schools. A 20-minute drive to the city area, Ascott Yulian Plaza Dalian is surrounded by shopping malls and office towers. It will provide a myriad of facilities such as an indoor swimming pool, children’s playground, games room, meeting room, auditorium, gymnasium and breakfast lounge. Guests will have a choice of one- and two-bedroom apartments.

Citadines Gaoke Liangjiang Chongqing (opening 2018)

The 198-unit Citadines Gaoke Liangjiang Chongqing is located within an industrial park named Gaoke Fortune Park with a ready catchment of business executives from several Grade-A office buildings nearby such as Chongqing Fortune Centre. Guests will enjoy convenience with Parkson department store, restaurants, bars and supermarket within the vicinity, and Chongqing Jiangbei International Airport a 30-minute drive away. The serviced residence will offer studio, one-, two- and three-bedroom units as well as facilities such as a gymnasium and breakfast lounge.

Citadines Three Gorges Yichang (opening 2018)

The 192-unit Citadines Three Gorges Yichang is located in the city centre, with the scenic Yangtze River right at its doorstep. The serviced residence is part of an 80,000-square metre integrated development that also comprises an office tower. It is a 20-minute drive from the Yichang East Railway train station and 30-minute drive from the Yichang Sanxia Airport. Popular tourist attractions such as the Three Gorges, Golden Lion Cave and Xiling Gorge are within an hour’s drive. A popular tourist destination with about 50 million tourists each year, Yichang is also home to industries such as electronics, chemicals, pharmaceutical and equipment manufacturing. Guests can select from one- and two-bedroom units, as well as enjoy facilities such as a gymnasium, games room, meeting room, swimming pool and a breakfast area.

Somerset Q Plex Shenzhen (opening 2018)

The 244-unit Somerset Q Plex Shenzhen is well located in one of the most luxurious residential areas in Shenzhen. It is near the University of Hong Kong-Shenzhen Hospital and several tourist attractions including the Windows of the World, Happy Valley and Chinese Folk Village. It is also close to a science park that hosts technology companies including Tencent, ZTE and Huawei. Somerset Q Plex Shenzhen is part of an integrated development that also includes offices and a mall offering a variety of dining and entertainment options. Guests will have a choice of studio, one- to three-bedroom units, and have access to facilities such as a residents’ lounge and a gymnasium.

Citadines Dianchi Time Plaza Kunming (opening 2019)

The 150-unit Citadines Dianchi Time Plaza Kunming is part of an integrated development, Time City, that is set to be a landmark in the heart of the CBD. Time City will also comprise office and retail components, and will be directly connected to the future underground subway station that is expected to operate in 2020. The serviced residence is surrounded by office buildings, restaurants, bars, a mall, supermarket and movie theatre. Popular tourist attractions such as the Tien Lake and Yunnan Nationalities Village are nearby. It is a 15-minute drive from the Kunming Railway Station, as well as a 40-minute drive from Kunming Changshui International Airport. Citadines Dianchi Time Plaza Kunming will provide a range of studio to three-bedroom apartments, as well as facilities such as a gymnasium, swimming pool, spa, breakfast lounge, coffee shop, convenience store and a rooftop outdoor terrace offering unblocked city views.

Tujia Somerset Yunlong Lake Xuzhou (opening 2019)

Tujia Somerset Yunlong Lake Xuzhou is located in the intersection of the CBD and the city's well-known Yunlong Lake in Xuzhou, one of China's key transportation hubs with over 1,300 foreign enterprises. The 287-unit serviced residence is part of an integrated development that also comprises Citadines Yunlong Lake Xuzhou and an 80,000-square metre shopping mall. The property is right next to the upcoming metro station, which is expected to open in 2022. It is also a 15-minute drive from Xuzhou Railway Station. Guests can choose from a variety of apartments, including studio and one-bedroom apartments. Tujia Somerset Yunlong Lake Xuzhou will offer facilities such as a cafeteria, gymnasium, lounge and business centre.


Joan Tan, Vice President, Group Communications

Tel: (65) 6713 2864     

Mobile: (65) 9743 9503         

Email: joan.tanzm@capitaland.com


Chen MeiHui, Manager, Group Communications

Tel: (65) 6713 3673   

Mobile: (65) 81338334         

Email: chen.meihui@capitaland.com