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.

It is a five-minute walk to the new Sai Ying Pun Mass Transit Railway station that will be operational in 2015.

With the International Finance Centre, trendy Soho and Central areas just two metro train stops away, the serviced residence is perfectly suited for both business and leisure.