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The Ascott Limited (Ascott), CapitaLand’s whollly-owned serviced residence business unit, inked four new management contracts in China for 583 serviced residence units.
Citadines Jinxiu Shanghai and Citadines Putuo Shanghai (pictured), both opening in 2019, as well as Ascott Beijing, which opens next year, will boost Ascott’s portfolio to seven properties in Shanghai and 11 properties in Beijing, cementing its position as the biggest international serviced residence operator in China’s first-tier cities.
Ascott is also taking its Citadines brand to Dalian, which is a major port city in northeast China, with the management of Citadines Gugeng Dalian which also opens in 2016.
Situated at Dalian Economic and Technological Development Zone, the new property will cater to the developing area’s fast-growing accommodation needs.
“China is Ascott’s largest market with the most number of properties given the tremendous growth opportunities for serviced residences in the country. Chinese domestic travellers now take up 30 percent of our business in China,” said Ascott chief executive officer Lee Chee Koon.
“To drive Ascott’s growth in China, we are accelerating our expansion across the tier-1 and 2 cities while increasing our business development in the growth cities of the central and west China,” said Kevin Goh, Ascott’s Managing Director of North Asia.
“We will expand through investments, management contracts, strategic alliances and franchises. We are on track and confident of achieving Ascott’s target of 20,000 units by 2020.”
Image: Artist’s impression of Citadines Putuo Shanghai. (Source: Ascott)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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