Ascott has opened new serviced residences in China and Indonesia, reinforcing its position as a major international owner-operator of serviced residences in Asia.
The 104-unit Citadines Intime City Hangzhou is Ascott’s first property in the city and its 35th property to operate in China. The company has recognised increased demand for serviced apartments in Hangzhou, which has seen foreign direct investment grew by an average of more than 9% annually in the last five years, and attracted more than 90 million business and leisure travellers in 2013.
“Having our first property in the city will enable us to capture the demand as we also prepare to open Ascott Raffles City Hangzhou in 2017,” said Lee Chee Koon, Ascott’s chief executive officer.
Citadines Intime City Hangzhou provides guests with a range of studios to two-bedroom apartments as well as facilities such as a gymnasium, café, billiard room, launderette, mini cinema, children’s play area, breakfast lounge, business centre and meeting rooms.
In addition, the company has opened its second premier Ascott-branded serviced residence in Jakarta, Indonesia. The 185-unit Ascott Kuningan Jakarta is the company’s eighth property to open in the country
“Indonesia’s foreign direct investment in the first half of 2014 grew nearly 14% over 2013. With the government’s plans to enhance the investment climate and accelerate infrastructure development, we expect the number of expatriates and business travellers to increase. Hence, we see tremendous potential to expand in the Indonesian capital,” said Mr. Lee.
Located in Jakarta’s Central Business District, Ascott Kuningan Jakarta is part of Ciputra World 1, a large integrated development that consists of an upscale shopping centre. The property offers one-, two-, and three-bedroom apartments with a fully-equipped kitchen and separate living and dining. Other facilities include a swimming pool, tennis, basketball and badminton courts, a fully-equipped gymnasium, garden terrace, café, resident’s lounge and meeting facilities.
Ascott has also opened a new serviced residence in Hamburg, Germany, and signed a new management contract on a property in Dubai. Globally, Ascott has about 60 properties to be opened over the next few years.
Mr Lee said: “There are significant growth opportunities for serviced residences globally. We have opened two new properties in China and Germany which are key growth markets for Ascott. Indonesia and GCC also offer immense potential for serviced residences.”
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