SINGAPORE - CapitaLand's wholly-owned serviced residence business unit, The Ascott, has crossed its milestone of having 12,000 apartment units in China by securing contracts to manage five more properties with 1,000 apartment units.
The 200-unit Citadines Xingqing Yinchuan, 150-unit Somerset Xingqing Yinchuan and 164-unit Somerset Riverside Changsha mark Ascott's entry into the high-growth Chinese cities of Yinchuan and Changsha.
Ascott is the first international serviced residence owner-operator to enter these cities.
All three properties are slated to open in 2018.
Ascott also plans to open its second property in Shenyang - the 330-unit Somerset Olympic Centre Shenyang in 2015, and Ascott's fifth property in Xi'an - the 156-unit Somerset Xindicheng Xi'an in 2016.
"This year alone, we have added some 2,600 apartment units in China," said Ascott chief executive Lee Chee Koon.
"Having crossed our target of 12,000 apartment units ahead of 2015, we are now aiming at 20,000 units in China by 2020. This is in line with our global target of 80,000 apartment units by 2020."