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Come 2019, the 150-unit Citadines Dianchi Time Plaza Kunming (pictured) and 287-unit Tujia Somerset Yunlong Lake Xuzhou will welcome their first clients. (Image: The Ascott Limited)
The Ascott Limited announced on Tuesday (27 June) that it has secured the right to manage seven service residences across six cities in China with a total of over 1,300 apartments.
This not only marks its first foray into Yichang and Kunming, but also expands its presence in Dalian, Xuzhou, Shenzhen and Chongqing.
Of the seven new properties, the 92-unit Tujia Somerset Garden City Chongqing is already operational, while the 161-unit Ascott Yulian Plaza Dalian, 198-unit Citadines Gaoke Liangjiang Chongqing, 192-unit Citadines Three Gorges Yichang and 244-unit Somerset Q Plex Shenzhen are expected to open next year.
Come 2019, the 150-unit Citadines Dianchi Time Plaza Kunming and 287-unit Tujia Somerset Yunlong Lake Xuzhou will welcome their first clients.
“China remains Ascott’s biggest market and we are excited to be surpassing our 100th property milestone in China this year,” said its Chief Executive Lee Chee Koon.
He shared that the Chinese are among the company’s top customers for its properties across the globe. In China alone, this group accounted for 62 percent of its guests last year, helping the company achieve a 35 percent annual growth in revenue.
So far this year, CapitaLand’s wholly-owned serviced residence arm has added over 15 properties in the country containing a total of 2,700 units. This represents a 56 percent surge from the 10 properties with 1,700 units it clinched in 1H 2016.
“With close to 19,000 units in 104 properties across 29 Chinese cities, Ascott will achieve our target of 20,000 units in China well ahead of 2020. With this momentum, we are confident of exceeding our target of 80,000 units globally by 2020,” added Lee.
This article was edited by Denise Djong.
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