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Ascott Signs Two More Somersets in China

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Ascott has secured contracts to manage two more serviced residence properties in Xian and Shenzhen.

This follows Ascotts recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April. The latest additions - Somerset Gaoxin, Xian and Somerset Grandview, Shenzhen - are scheduled to open in 2012 and 2013 respectively.

Mr Lee Chee Koon, Ascotts Managing Director for North Asia, said, China is an important market for Ascott. Besides growing in cities such as Beijing and Shanghai, we have been expanding rapidly in other cities like Xian and Shenzhen where there is high demand for serviced residences. Our Citadines Xian Central and Somerset Garden City, Shenzhen have achieved strong occupancy of above 80%. We will also open Ascott Maillen Shenzhen this year and two more Citadines-branded serviced residences in Xian by 2012. Our two latest Somerset-branded properties will reinforce Ascotts leadership position as the largest international serviced residence owner- operator in China. They will increase our China portfolio to more than 5,500 apartment units in 29 properties across 13 cities.

Somerset Gaoxin, Xian is Ascotts first Somerset-branded serviced residence in the city. Located on Tang Yan Road, which is within the new commercial centre of the Xian Hi-tech Development Zone, the serviced residence will be surrounded by many technology and financial services enterprises. This will enable Ascott to cater to the strong demand for international-class accommodation by expatriates and business travellers working in the new commercial centre.

Residents will be able to enjoy convenient access to various amenities including shopping malls and supermarkets, as well as the Tang Dynasty City Wall Park, a major attraction located just next to Somerset Gaoxin, Xian. The serviced residence will also be part of a mixed development which comprises a clubhouse and a retail podium.

Somerset Grandview, Shenzhen will be centrally located on Xinsha Road, close to the Futian Central Business District. The property will be next to the Shenzhen Golf and Country Club and it will be surrounded by high-end office towers, shopping malls, and food & beverage outlets. Travellers will enjoy a wide range of dining and retail options at two nearby major shopping malls - Coco Park and Central Walk. Somerset Grandview, Shenzhen will also provide easy access to transportation including subways, taxis and buses.

When completed, the 233-unit Somerset Gaoxin, Xian and 128-unit Somerset Grandview, Shenzhen will offer a range of apartment types from studios to three bedroom units, catering to the different lifestyle needs of both short- and long-stay travellers. All apartments will provide a fully-equipped kitchen, ensuite bathroom and separate living and work areas. Residents will be able to enjoy a leisurely swim in the pool, work out in the gymnasium, or discover Xian and Shenzhen through Ascotts residents programmes. There will also be a playroom in each property to cater to travellers with children.

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