Ascott Launches Its Premier Serviced Residence Brand in China
The Ascott Group, Asia Pacific’s largest serviced residence company, has soft-opened its first luxury serviced residence project in Shanghai, China under its flagship ‘The Ascott' brand.
The Ascott Pudong, a prime 35-storey 248-unit residence, is the first luxury standard serviced residence in Lujiazui, Shanghai's business district in Pudong.
As the group's premier 'The Ascott' brand of serviced residences, The Ascott Pudong is targeted at top executives and is designed to depict a distinguished and elegant lifestyle.
The chief executive officer of The Ascott Group, Mr Kee Teck Koon, said: "Increasing foreign business interest in Lujiazui, ahead of China's anticipated entry into the WTO, has created strong demand for high-end quality residences. The Ascott Pudong enables us to tap into this demand, and accelerate our brand development in China with a flagship property that sets new benchmark standards in the city."
Mr Kee added: "We are focusing our presence in China in the two major cities of Beijing and Shanghai to build critical mass. By the end of the year, we will operate 1,275 units. This will give us the economies of scale to achieve a more efficient cost structure than our competitors, and to forge strong brand leadership."
Mr Kee said that the group will open two other new properties in Beijing in the next few months -- the 272-unit The Ascott Beijing and 254-unit Somerset Fortune Garden. Currently, the group operates two other serviced residences in Shanghai - the 334-unit Somerset Grand Shanghai and the 167- unit Somerset Xu Hui.
He added that The Ascott Group aims to transform from a regional leader into a global leader in serviced residences, with a footprint that spans beyond the Asia Pacific to include Europe and the United States. The company targets to expand its network of serviced residences to 15,000 units by 2005, from its current 6,000 units.
Last month, it announced a S$5 million brand rationalisation and promotion exercise to develop its leading regional serviced residence brands - ‘The Ascott’ and ‘Somerset’ -- into global brands.
The Ascott Pudong boasts elegantly furnished units ranging from one to four-bedroom apartments and penthouses with spectacular views of the Huangpu River. Facilities include a business centre, an indoor heated swimming pool, sauna, indoor tennis court, gymnasium and lounge.
The Ascott Group has a 50 per cent stake in The Ascott Pudong. The project's developer - Shanghai Rui Yuan Real Estate Development Co Ltd, a subsidiary of China State Shipbuilding Corporation, owns the other 50 per cent.
About The Ascott Group
The Ascott Group is the Asia Pacific’s largest serviced residence company. Its 'The Ascott' and 'Somerset' serviced residence brands are dominant market leaders in the region.
Created through the merger between The Ascott Limited and Somerset Holdings Limited in November 2000, the group owns and / or manages over 6,000 serviced residence units in 16 cities in 10 countries.
Headquartered in Singapore, The Ascott Group’s shares trade as "Ascott" on the Singapore Exchange. The group is the serviced residence arm of CapitaLand Limited, Southeast Asia's largest listed property company.
Ida Lim, Vice President
Investor Relations & Corporate Communications
Tel: (65) 65867-230 Hp: (65) 9628-8339 Fax: (65) 62272-220
Dennis Foo, Chief Corporate Officer
Tel: (65) 5867-181 Hp: (65) 9674-4353 Fax: (65) 5867-202