CapitaLand’s The Ascott Limited (Ascott) has opened its first property in Nantong and fourth property in Suzhou, increasing its operating portfolio to more than 33 cities across China.
Nantong and Suzhou are two fast-growing cities in the Yangtze River Economic Belt – a key region in China, which accounts for more than 40% of the country’s Gross Domestic Product (GDP). For thousands of years, the belt has been an important part of the country and its surging economy.
In the belt’s financial hub is Ascott Harmony City Nantong, the first international-class serviced residence in the city. The property is well-positioned near the Nantong Railway Station and has direct access to the metro interchange station that is scheduled to be completed by 2020. Meanwhile, the Somerset Baitang Suzhou is located in the heart of Suzhou Industrial Park, one of the country’s biggest high-tech parks with more than 2,000 multinational corporations.
Tan Tze Shang, managing director for China and head of business development, said: “Ascott Harmony City Nantong and Somerset Baitang Suzhou will enjoy a ready pool of expatriates as well as business and leisure travellers, given their proximity to business parks, commercial buildings, retail and dining outlets, and popular tourist destinations.”
Securing a bright future in China
“This year marks Ascott’s 20th anniversary in China, our fastest-growing and largest market, with over 20,000 units in more than 110 properties across 33 Chinese cities,” said Tan.
The company has more in store for the coming months ahead. It has already secured contracts to manage nine properties with an offering of over 1,600 units. In addition, it has also opened four new properties with close to 800 units in Nantong, Suzhou, Xiamen and Xi’an.
“Ascott plans to open over 50 properties in more than 20 Chinese cities”
Tan concluded: “With the opening of these two serviced residences, guests can now choose from our 56 operational properties in China. Within the next six years, Ascott plans to open over 50 properties in more than 20 Chinese cities such as Shanghai, Shenzhen, Hangzhou, Tianjin and Guangzhou. These will be tailored for different customer segments across our varied brands such as Ascott, Citadines, Somerset, Tujia Somerset and our latest co-living brand for the millennials, lyf.”