Ascott adds two properties in China
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The Ascott Limited has signed contracts to manage two more properties China. The 181-unit Ascott Financial City Chengdu, which is the first Ascott-branded serviced residence in the capital of Sichuan province, is slated to open in 2014, while the 187-unit Somerset Wangjing Beijing is scheduled to open in 2013.
With the latest additions, Ascott strengthens its position as the largest international serviced residence owner-operator in China and is on track to achieve a portfolio of 12,000 apartment units in the country by 2015.
Lee Chee Koon, Ascott’s Managing Director for North Asia, said; “We are pleased to secure two more management contracts which add over 360 apartment units to our portfolio. Ascott will now have around 7,000 apartment units in 38 serviced residences across 16 cities in China. Our quick expansion in China demonstrates the importance of the country as a key growth market for us and our strong confidence in its future development. We will continue to tap on more opportunities in tier one cities like Beijing where we still see abundant demand for international serviced residences from business travellers and tourists. In the meantime, we are deepening our presence in high growth cities such as Chengdu where foreign direct investment and tourism are expected to increase exponentially in the next few years.”
Ascott Financial City Chengdu is part of the 58-storey Chengdu Financial City twin-tower development comprising Grade A offices and entertainment facilities. Located within New South Area of the city, the serviced residence will be surrounded by commercial developments such as Chengdu Financial Center and Tianfu Software Park, and the offices of several multinational companies. It is also within walking distance of the Chengdu Ocean Park, Chengdu Opera House, Chengdu International Exhibition & Convention Center, shopping malls such as IKEA and GTC, and international schools. The property will be linked to a metro station, providing access to various points in the city as well as Chengdu’s Shuangliu International Airport.
The units will range from studios to four-bedroom apartments, while facilities will include a swimming pool, gymnasium, spa, sauna, children’s playroom, business centre, meeting room and reading lounge.
The Somerset Wangjing Beijing meanwhile, is located in the Chinese capital’s Wangjing business area, in the Chaoyang District. The serviced residence will offer studios, one-, two- and three-bedroom apartments, as well as a gymnasium, swimming pool, business centre and meeting room.
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