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Ascott Signs Citadines in Chengdu, China

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Ascott has secured a contract to manage its first Citadines-branded serviced residence in Chengdu, China.

 The 177-unit Citadines South Chengdu, which is slated to open in 2014, strengthens Ascott’s position as one of the largest international serviced residence owner-operators in China with about 8,000 apartment units in 43 properties across 17 cities.

Citadines South Chengdu is located in Chengdu’s Hi-tech District at the junction of Tianfu Street and Tianfu South Road.

The serviced residence is part of the Chengdu ICON Genesis Plaza, a mixed development comprising office towers, restaurants and retail outlets.

 Citadines South Chengdu is also surrounded by numerous Grade A office towers which house several multinational corporations including Nokia Siemens, Symantec, Maersk, Manulife Financial, Cisco, SAP, GE and IBM.

 Many facilities, attractions and shopping malls such as the Chengdu International Exhibition & Convention Center, Chengdu Ocean Park, Chengdu Opera House, GTC Shopping Center and Ito-Yokado Shopping Mall are located nearby.

Residents will also be able to enjoy easy access to various destinations in the city as Citadines South Chengdu is right next to the Science and Technology Zone Metro Station. In addition, the Shuangliu International Airport and Chengdu North Railway Station are within a 30-minute drive from the property.

Citadines South Chengdu offers a range of studios to two-bedroom apartments that come with a fully-equipped kitchen and separate work and sleeping areas. Facilities at the serviced residence include a gymnasium, sauna, roof garden, breakfast lounge, children’s indoor play area and meeting rooms.

In Chengdu, Ascott currently operates one Somerset-branded serviced residence and expects to open two premier Ascott-branded properties in the next two years. With this latest contract, Chengdu joins Shanghai and Suzhou as the third city in China with all three of Ascott’s award-winning brands of serviced residences.

Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, said, “Chengdu has strong growth opportunities for serviced residences. Its economy grew by more than 13% for the first half of 2012 over the same period last year. In Central and Western China, Chengdu has been ranked the top city with the most Fortune 500 companies. Chengdu is also a popular tourist destination and venue for exhibitions and conferences.”

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