Ascott Enters Wuxi in China with Two Serviced Residences

May 28, 2013 (PRLEAP.COM) Travel News
CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, has entered Wuxi in China by securing contracts to manage two serviced residences in the city. The 134-unit Ascott Central Wuxi and 169-unit Somerset Wuxi are slated to open in the second half of 2015.

The new properties in Wuxi will further strengthen Ascott's leadership position as the largest international serviced residence owner-operator in China with more than 8,600 apartment units in 48 properties across 19 cities.

Mr Lee Chee Koon, Ascott's Deputy Chief Executive Officer and Managing Director for North Asia, said: "As China continues to attract strong foreign direct investment, it is expected to enjoy healthy demand for quality accommodation. Revenue per available unit for our serviced residences in China increased by 4% in 1Q 2013 compared to the same period last year. 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."

He added: "Strategically located in the Yangtze River Delta region, Wuxi's economy grew by an average of more than 17% annually in the last 10 years. It has also attracted foreign direct investment of more than RMB 20 billion each year from 2008 to 2012. As Wuxi continues to transform itself into a thriving regional hub with a growing number of multinational corporations, large local enterprises and trade exhibitions, we expect strong demand for our international-class serviced residences by expatriates and local business travellers."

About Ascott Central Wuxi and Somerset Wuxi

Catering to top business executives, the exclusive Ascott Central Wuxi has a prime location in Chong An District. Situated along Zhong Shan Road in Wuxi's city centre, the serviced residence is surrounded by office buildings, shopping malls, banks, hospitals and schools. It is part of the Yunfu Mansion mixed development which comprises retail outlets, restaurants and offices, and is connected to the interchange stations of the upcoming metro lines 1 and 2.

Ideal for families, Somerset Wuxi is well located in Bin Hu District near Wuxi's city centre, new Taihu central business district, and Wuxi New District where many multinational corporations are based. The serviced residence is part of Vanke's The Canal mixed development which is designed by the well-known Kengo Kuma & Associates and consists of retail shops, restaurants, museums and offices. Somerset Wuxi also provides a scenic view of the Beijing-Hangzhou Grand Canal and Liang Xi River, and is near shopping malls, an international school, Union Hospital and traditional Chinese medicine clinics.

Residents can choose from a range of spacious studio to three-bedroom apartments at Ascott Central Wuxi and Somerset Wuxi. All apartments will come with a fully-equipped kitchen and separate work and sleeping areas. The comprehensive facilities at the serviced residences include a gymnasium, business centre, meeting room, breakfast and residence lounges. In addition, Ascott Central Wuxi will come with a swimming pool while Somerset Wuxi will provide a children's play area and spa.

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, 16 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 China Travel Awards 2013 for 'Best Serviced Residence Operator in China', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', 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.