Ascott Partners Yuexiu Property; Signs Two New Properties in Guangzhou

Ascott has entered into a strategic alliance with Yuexiu Property, one of the largest property developers in Guangzhou, to drive its expansion plans in China.

Besides establishing a strategic alliance with Yuexiu Property, Ascott has separately secured contracts in Guangzhou to manage two more serviced residences named Citadines LiZhiWan Guangzhou and Somerset Riviera Guangzhou.

Slated to open in the second half of 2013, the two properties will strengthen Ascott’s position as one of the largest international serviced residence owner-operators in China, with over 8,000 apartment units in 46 properties across 17 cities.

Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, said, “China is a key market for Ascott as it continues to attract significant foreign direct investment which generates increasing demand for serviced residences. To achieve our target of 12,000 apartment units in China by 2015, we will expand in tier one cities like Beijing, Shanghai and Guangzhou as well as other high growth cities through investments and management contracts. Strategic alliances with leading developers like Yuexiu Property will enable us to combine our expertise and industry knowledge to further extend Ascott’s lead in China.”

Citadines LiZhiWan Guangzhou and Somerset Riviera Guangzhou

The 34-unit Citadines LiZhiWan Guangzhou is located in the city’s historic LiZhiWan area which will be redeveloped as a commercial and cultural hub. The serviced residence is situated along a scenic river lined with antique shops and The Liwan Museum. It is also within walking distance from Longjin West Road which is known for its many Cantonese restaurants.

The serviced residence will provide travellers the flexibility to choose the services they require, a range of studios and one-bedroom apartments, as well as facilities such as a breakfast lounge, gymnasium and business centre.

The 32-unit Somerset Riviera Guangzhou is situated right next to the Pearl River and offers spectacular views of Er-sha Island and Dongshan Lake Park. The serviced residence is well connected to the city’s major roads, and provides convenient access to Zhujiang New Town and Tianhe Bei business districts where many multinational companies, shopping, dining and entertainment outlets are located.

All apartments in Somerset Riviera Guangzhou will be four-bedroom units that are ideal for expatriates and travellers with families. Residents will be able to enjoy facilities including a swimming pool, gymnasium, residents’ lounge and business centre.

In Guangzhou, Ascott currently operates Ascott Guangzhou, Ascott IFC Guangzhou and Springdale Serviced Residence Guangzhou.