Ascott buys Hong Kong serviced residence for about $88.8 million

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.

This will add to Ascott's presence as the largest international serviced residence owner-operator in China.

It owns and operates more than 10,300 apartment units in 57 properties across 20 cities.

In a separate release, Ascott also announced that hospitality training centre, Ascott Centre for Excellence (ACE), will offer a direct degree path for Singapore Workforce Skills Qualifications (WSQ) Diploma students.

Those pursuing the WSQ Diploma in tourism (accommodation management) will be able to receive credit exemptions when enrolling for a Bachelor of Business programme with James Cook University (JCU) Australia or JCU Singapore.

ACE's WSQ diploma graduates can receive up to 21 credit points, out of 72 credits for the programme.

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