Ascott Expands China Portfolio with Three New Properties

Ascott, has opened three new serviced residence properties with over 600 apartment units in three cities across China.

The 105-unit Somerset International Building Tianjin is Ascott’s latest acquisition through its private equity fund, Ascott China Fund. The 249-unit Citadines Zhuankou Wuhan is Ascott’s first property in Wuhan while the 251-unit Citadines Gaoxin Xi’an is one of the company’s four properties in Xi’an.

Ascott now has over 6,300 apartment units in 34 properties across 15 cities in China.

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said, “We are very confident of the outlook for the serviced residence business in China. The country has been a top business and leisure destination with its rapid development and high foreign investment. Ascott already has a strong presence in a number of major cities in China. Our first property in Wuhan and new properties in Tianjin and Xi’an reaffirm Ascott’s commitment to expand its business in the country. We plan to open two more properties in Shenzhen and Shenyang before the end of 2010. We will also continue to strengthen our presence in cities where we have properties and expand to other cities to achieve 12,000 apartment units in China by 2015.”

Somerset International Building Tianjin enjoys a prime location along Nanjing Road, Tianjin’s main commercial street in the heart of its central business district. Occupying the 27th to 36th floors of the landmark 37-storey Tianjin International Building, which comprises Grade A offices and retail outlets, the apartments offer panoramic views of the city’s beautiful skyline.

Surrounding the property are major office buildings such as the International Commercial Trade Centre and Tianjin Centre, department stores like Isetan and attractions including the Tianjin Concert Hall and Five Avenues District. The property is a short drive to the Tianjin Binhai International Airport and Tianjin Railway Station, and a five-minute walk to the metro station which provides convenient access to various destinations in the city.

Travellers can choose from a range of spacious one to three-bedroom apartments that come with separate living and work areas, and a fully-equipped kitchen. They can enjoy facilities including a gymnasium and steam and sauna room. The Somerset branded property also provides a playroom to cater to residents with children.

Citadines Zhuankou Wuhan is located within the Wuhan Economic and Development Zone, Hanyang. It is a short walk to major commercial developments and offices such as the Xianglong Times Business Center and Dongfeng Peugeot Citroen Automobile Company headquarters. The property is part of a mixed development with restaurants and retail outlets. A wide range of amenities including shopping malls, supermarkets and food & beverage outlets are also located near the property.

Citadines Gaoxin Xi’an is situated in the centre of the Hi-Tech Development Zone and enjoys close proximity to commercial developments such as Pioneer Square, Hi-Tech International Business Center, Gao Ke Plaza and Sea Star Square. A variety of retail, dining and entertainment facilities are available at the Golden Eagle and Ginwa shopping malls which are a short walk away. Residents can also visit the nearby historic City Wall of Tang Dynasty Park and Antique City of Tang Dynasty.

The two new Citadines-branded properties offer apartments ranging from studios to two-bedroom units and facilities including a gymnasium and steam and sauna room.

In addition, a heated indoor swimming pool is available in Citadines Zhuankou Wuhan. Travellers can enjoy the flexibility to choose the services they require, according to their lifestyle needs.

To celebrate the opening of the two Citadines-branded properties and CapitaLand’s 10th Anniversary, Ascott is offering promotional rates from RMB 380 and RMB 448 per night for a studio apartment in Citadines Gaoxin Xi’an and Citadines Zhuankou Wuhan respectively.

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