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Ascott buys Hong Kong serviced residence for about $88.8 million

Published on Apr 2, 2014 11:17 AM

The Ascott, CapitaLand's serviced residence business unit, has acquired a Hong Kong serviced residence for HK$545 million (S$88.8 million).

The 55-unit property will be rebranded as Citadines Mercer Hong Kong in the third quarter of 2014, the company said in a statement on April 2.

The serviced residence in Sheung Wan on Hong Kong Island, is next to the Central Business District.

It is also close to the bustling Soho area, and near well-known Lan Kwai Fong street.

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