The Ascott acquires serviced residence apartment in Hong Kong for $75.5 million
CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, has acquired a serviced residence in Hong Kong for HK$462.3 million (S$75.5 million).
The property will be leased back to the seller or its nominated entity for two years.
At the end of the lease in 2015, the property will be reconfigured and rebranded by Ascott.
The serviced residence has a prime location at No.138 Connaught Road West in Hong Kong Island which overlooks the Victoria Harbour.