SINGAPORE - Mainboatd-listed CapitaLand announced on Monday (Jan 26) that its wholly-owned serviced residence business unit, The Ascott Limited, has secured contracts to manage three more properties with over 300 apartment units in Beijing and Hong Kong.
It said the new properties will reinforce Ascott's leadership position as the largest international serviced residence owner-operator in China, with over 12,900 apartment units in 72 properties across 23 cities.
Ascott secured management of the 208-unit Citadines Fangshan Beijing and 70-unit Changyang World Serviced Residence Beijing through its strategic alliance formed with Chinese developer Vanke last year. The two properties in Beijing are slated to open in 2018.
Ascott also plans to open its fifth property in Hong Kong - the 92-unit Hotel Pravo Hong Kong in March 2015.
Said Mr Kevin Goh, Ascott's managing director for North Asia, said: "Ascott has been growing rapidly in China at an annual growth rate of 25 per cent in 2014. Through management contracts, investments and strategic alliances, we have more than doubled the number of apartment units in China within five years, and built a stronghold in the country with the largest market share."
"Last quarter alone, we secured five serviced residences with over 1,000 apartment units in four cities. The three new properties will bring us closer to Ascott's target of 20,000 apartment units in China by 2020."
Mr Goh added: "There are tremendous opportunities for Ascott to expand in gateway cities such as Beijing and Hong Kong where our serviced residences have been performing well. Beijing and Hong Kong continue to have high demand for accommodation from the many Fortune 500 companies, major Chinese corporations and embassies."