CapitaLand's Ascott clinches deals to manage three more serviced residences in China

CapitaLand's wholly-owned serviced residence unit, The Ascott, has secured contracts to manage three more properties, adding 567 apartment units in China, including its first serviced residence in Hefei.

The 250-unit Somerset Swan Lake Hefei is slated to open in 2017 while the 150-unit Ascott Nanbin Chongqing and 167-unit Somerset Software Park Xiamen are scheduled to open in 2015.

Ascott chief executive officer Lee Chee Koon said the group is on track to achieve its target of 12,000 apartment units in China by 2015.

It currently has more than 9,000 apartment units in 51 properties across 20 cities in China.

"Ascott is the first international serviced residence operator in Hefei," he noted.

"Ascott has so far entered six cities in 2013 - Hefei, Nanjing and Wuxi in China, Gurgaon in India, and Riyadh and Jeddah in Saudi Arabia. Our global portfolio has expanded to over 32,000 apartment units in 81 cities."