Ascott signs two properties in Wuxi
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Serviced residence operator Ascott has entered the Chinese city of Wuxi, with the signing of two new properties.
Scheduled to open in the second half of 2015, the 134-unit Ascott Central Wuxi and 169-unit Somerset Wuxi will increase Ascott’s portfolio in China to 48 properties in 19 cities, with several more to follow.
“As China continues to attract strong foreign direct investment, it is expected to enjoy healthy demand for quality accommodation,” said Lee Chee Koon, Ascott’s Deputy CEO and Managing Director for North Asia. “Besides Ascott Central Wuxi and Somerset Wuxi, we will open 19 more serviced residences in China by 2017. By strengthening our network in China, we can achieve greater economies of scale and reinforce Ascott’s leadership position.”
Designed to cater to “top business executives”, according to Ascott, the new Ascott Central Wuxi will be located in the eastern city’s Chong An district, and forms part of the Yunfu Mansion mixed-use development, which comprises retail outlets, restaurants and offices.
The Somerset Wuxi meanwhile, which Ascott said is “ideal for families”, is located in the Bin Hu district of the city. It also forms part of a mixed-use development alongside shops, restaurants, museums and offices.
Both properties will offer a range of studios, one- and two-bedroom apartments, all featuring kitchens, separate work and sleeping areas. Communal facilities will include gymnasiums, business centres, meeting rooms, while the Ascott Central Wuxi will come with a swimming pool and the Somerset Wuxi will feature a children’s play area and spa.