Ascott enters Nanjing
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Ascott has signed a management contract for its first serviced residence in Nanjing.
Scheduled to open in the second half of 2014, the Citadines Baijia Lake Nanjing will have approximately 290 apartments, ranging from studios to three-bedroom units, all with kitchens. Property facilities will include a gymnasium, children’s play area, residence lounge, breakfast lounge, meeting room and business centre.
“China is Ascott’s fastest growing market. It is also our strongest market where our revenue per available unit in 2012 increased by 15% over 2011. Besides building on our presence in tier one cities in China, we have been expanding into high growth cities where strong foreign investment has generated a large demand for serviced residences. Nanjing, the capital of Jiangsu province, is one of these high growth cities, with an economy that expanded by an average of 17% per year over the past five years. We see strong potential for Ascott to expand into Nanjing and grow our presence in the East China region,” said Chong Kee Hiong, Ascott’s chief executive officer.
The new Citadines is located in the Baijia Lake area of Nanjing, close to the Baijia Lake 1912 commercial area and the Shengtai Road retail street.
The property joins Ascott’s portfolio of more than 45 serviced residences across 18 Chinese cities, comprising 8,300 apartment units.