Ascott Expands into Thriving City of Nanjing in China

April 23, 2013 (PRLEAP.COM) Travel News
CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, has secured a contract to manage its first serviced residence in Nanjing. The contract was awarded by Nanjing Lek Yuen Property Development Company Limited, a major property developer in Nanjing. Citadines Baijia Lake Nanjing, which will have approximately 290 apartment units, is slated to open in the second half of 2014.

The latest addition has reinforced Ascott's leadership position as the largest international serviced residence owner-operator in China with more than 8,300 apartment units in 46 properties across 18 cities.

Mr Chong Kee Hiong, Ascott's Chief Executive Officer, said: "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."

Mr Lee Chee Koon, Ascott's Deputy Chief Executive Officer and Managing Director for North Asia, said: "Our first property in Nanjing is well-positioned to tap the growing number of expatriates, business travellers and tourists in Nanjing. Citadines Baijia Lake Nanjing is near the city centre and strategically located in Jiangning District which is home to Nanjing's largest economic and high-tech zone. More than 2,000 foreign enterprises are based in Jiangning District. Guests will experience vibrant global living and enjoy flexible services at Citadines Baijia Lake Nanjing."

About Citadines Baijia Lake Nanjing
Citadines Baijia Lake Nanjing has a prime location near the well-known Baijia Lake. It is very close to the Baijia Lake 1912 commercial area, Shengtai Road retail street, British School of Nanjing, Jiangning Hospital, and a university zone with 15 universities. There are convenient amenities such as restaurants, pubs, shopping centres, supermarkets, banks and clinics nearby. The property is also next to the metro stations of Lines 1 and 3, and a 15-minute and 25-minute drive from the Nanjing high-speed railway station and airport respectively.

Residents can choose from a wide range of studio to three-bedroom apartments to suit their lifestyle needs. All apartments will come with a fully-equipped kitchen and separate work and sleeping areas. The comprehensive facilities at the serviced residence include a gymnasium, children's play area, residence lounge, breakfast lounge, meeting room and business centre.

About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 9,000 units which are under development, making a total of more than 31,000 units in over 200 properties.

The company operates three brands Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 15 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 29-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2013 for 'Best Serviced Apartment/Residence Operator', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', TTG China Travel Awards 2012 for 'Best Serviced Residence Operator in China', Business Traveller Asia-Pacific Awards 2012 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2012 for 'Best Serviced Apartment Company'.
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About CapitaLand Limited
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.
The company's diversified real estate portfolio primarily includes homes, offices, shopping malls, serviced residences and mixed developments. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services in its markets.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust, CapitaRetail China Trust and Quill Capita Trust.