Singapore's Ascott crosses the 10,000 apartments milestone in China

Artist's impression of Ascott Raffles City Chengdu, a serviced residence in Chengdu, China. CapitaLand's serviced residence business unit, The Ascott Limited now manages more than 10,000 apartments in China. -- FILE PHOTO: THE ASCOTT LIMITE
Artist's impression of Ascott Raffles City Chengdu, a serviced residence in Chengdu, China. CapitaLand's serviced residence business unit, The Ascott Limited now manages more than 10,000 apartments in China. -- FILE PHOTO: THE ASCOTT LIMITED

CapitaLand's serviced residence business unit, The Ascott Limited now manages more than 10,000 apartments in China.

It recently won contracts to manage four more properties with a total of 797 apartment units in Hangzhou, Chongqing and Shenzhen.

The 230-unit Somerset IOC Hangzhou, 185-unit Somerset Changbin Chongqing, 182-unit Ascott Raffles City Shenzhen and 200-unit Yantian Coast Serviced Residence Shenzhen are slated to open in 2015, 2016, 2017 and 2018.

Ascott has a target of managing 12,000 units in China by 2015. It is the largest international serviced residence owner-operator in China with 56 properties across 20 cities.

It opened the 298-unit Ascott Raffles City Chengdu and 257-unit Somerset Wusheng Wuhan this year.

Mr Kevin Goh, Ascott's Managing Director for North Asia, said: "Besides the first tier cities, we are expanding in high growth cities like Hangzhou and Chongqing. These cities have strong potential for economic growth and foreign investments which will generate a large demand for serviced residences."

He added: "In China this year, we have so far clinched 13 management contracts and acquired a prime property in Hong Kong. Our China portfolio increased by more than 2,100 apartment units compared to 2012."