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Ascott Expands In China with Three More Deals in Shanghai and Suzhou

Wednesday, December 26, 2012
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CapitaLand’s wholly-ownedserviced residence business unit, The Ascott Limited (Ascott), has been awardedcontracts to manage three more properties with more than 500 apartment units inChina. The 90-unit Ascott Heng Shan Shanghai, 250-unit Ascott Emerald CitySuzhou and 194-unit Somerset Baitang Suzhou are scheduled to open in 2014, 2015and 2017, respectively. These new contracts reinforce Ascott’s leadershipposition as the largest international serviced residence owner-operator inChina, with over 8,000 apartment units in 46 properties across 17 cities.

Mr Lee Chee Koon, Ascott’sDeputy Chief Executive Officer and Managing Director for North Asia, said:“Strong foreign direct investment and growth in tourism and domestic travelcontinue to drive demand for quality accommodation in China. Shanghai is arenowned financial and shipping centre. The metropolis is also reshaping itselfas a top tourist destination with several projects, including the ShanghaiDisney Resort, to attract more visitors. Suzhou, besides being a well-knowntourist destination, is a thriving manufacturing, IT and R&D hub. Its GrossDomestic Product is second only to Shanghai in the East China region.”

Mr Lee added: “With the latestadditions, we now have more than 10 serviced residences in Shanghai and Suzhou.Deepening our presence in these two cities enables us to better tap thefast-growing demand for serviced residences and build economies of scale in ouroperations.”

About Ascott Heng ShanShanghai, Ascott Emerald City Suzhou and Somerset Baitang Suzhou

Ascott Heng Shan Shanghai islocated in the heart of the Xuhui District, close to foreign consulates, theXujiahui Commercial Center and key commercial and shopping areas along NanjingRoad and Huaihai Road. It is also near the offices of major multinationalcorporations as well as many popular restaurants and pubs along Hengshan Road.Travellers will enjoy convenient access to various destinations in Shanghai andother cities in China as Ascott Heng Shan Shanghai is right next to the Metro Line1 station and is near the Shanghai Railway Station. They can choose fromelegant one- to three-bedroom apartments to suit their lifestyle needs.

Ascott Emerald City Suzhou hasa strategic location in the Suzhou New District (SND) where more than 2,000 multinationalcorporations from various industries such as consumer electronics, IT,biotechnology and pharmaceuticals have set up operations. The servicedresidence is part of The Emerald City, an integrated development comprisingretail outlets, offices, restaurants, leisure facilities and a supermarket.Within walking distanceare the SND Financial Banking Street and Metro Line 1 station, while the SuzhouTrain Station is just a 10-minute drive from the property. Ascott Emerald CitySuzhou will offer a wide range of studios, one-, two- and three-bedroom units,as well as penthouses.

SomersetBaitang Suzhou is centrally located in the Suzhou Industrial Park, adjacent tothe Jinji Lake East Central Business District. It is surrounded by the officesof government departments such as the Suzhou Industrial Park AdministrativeCommittee and Property Rights Trading Center, as well as the Suzhou branchoffice of several financial institutions including the Bank of China,Industrial and Commercial Bank of China and China Merchants Bank. Residents canrelax at the Baitang Botanical Garden, enjoy shopping at the nearby TimesSquare, Shin Kong Mitsukoshi Department Store and Eslite Bookstore as well astravel around the city via Metro Line 1.

The threeserviced residences will provide comprehensive facilities including a swimmingpool, sauna, spa, gymnasium, business centre, meeting room, breakfast loungeand children’s play area.

About TheAscott Limited

The AscottLimited is a Singapore company that has grown to be the largest internationalserviced residence owner-operator. It has more than 22,000 operating servicedresidence units in key cities of Asia Pacific, Europe and the Gulf region, aswell as over 8,000 units which are under development, making a total of morethan 31,000 units in over 200 properties.

The companyoperates three brands – Ascott, Citadines and Somerset. Its portfolio spansover 70 cities across more than 20 countries, 14 of which are new cities inAscott’s portfolio where its serviced residences are being developed.

Ascott, awholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's firstinternational-class serviced residence with the opening of The Ascott Singaporein 1984. In 2006, it established the world's first Pan-Asian serviced residencereal estate investment trust, Ascott Residence Trust. Today, the company boastsa 28-year industry track record and award-winning serviced residence brandsthat enjoy recognition worldwide.

Ascott'sachievements have been recognised internationally. Recent awards includeDestinAsian Readers’ Choice Awards 2012 for ‘Best Serviced Apartment’, TTGTravel Awards 2012 for ‘Best Serviced Residence Operator’, TTG China TravelAwards 2012 for ‘Best Serviced Residence Operator in China’, Business TravellerAsia-Pacific Awards 2012 for ‘Best Serviced Residence Brand’ and ‘Best ServicedResidence in Asia-Pacific’, and Business Traveller UK Awards 2012 for ‘BestServiced Apartment Company’.

AboutCapitaLand Group

CapitaLand isone of Asia’s largest real estate companies. Headquartered and listed inSingapore, the multi-local company’s core businesses in real estate,hospitality and real estate financial services are focused in growth cities inAsia Pacific and Europe.

The company’sreal estate and hospitality portfolio, which includes homes, offices, shoppingmalls, serviced residences and mixed developments, spans more than 110 cities.

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