CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited , has secured a contract to manage its first serviced residence in Nanjing. The contract was awarded by Nanjing Lek Yuen Property Development Company Limited, a major property developer in Nanjing. Citadines Baijia Lake Nanjing, which will have approximately 290 apartment units, is slated to open in the second half of 2014.

The latest addition has reinforced Ascott's leadership position as the largest international serviced residence owner-operator in China with more than 8,300 apartment units in 46 properties across 18 cities.

Mr Chong Kee Hiong, Ascott's Chief Executive Officer, said: "China is Ascott's fastest growing market. It is also our strongest market where our revenue per available unit in 2012 increased by 15% over 2011. Besides building on our presence in tier one cities in China, we have been expanding into high growth cities where strong foreign investment has generated a large demand for serviced residences. Nanjing, the capital of Jiangsu Province, is one of these high growth cities, with an economy that expanded by an average of 17% per year over the past five years. We see strong potential for Ascott to expand into Nanjing and grow our presence in the East China region."

Mr Lee Chee Koon, Ascott's Deputy Chief Executive Officer and Managing Director for North Asia, said: "Our first property in Nanjing is well-positioned to tap the growing number of expatriates, business travellers and tourists in Nanjing. Citadines Baijia Lake Nanjing is near the city centre and strategically located in Jiangning District which is home to Nanjing's largest economic and high-tech zone. More than 2,000 foreign enterprises are based in Jiangning District. Guests will experience vibrant global living and enjoy flexible services at Citadines Baijia Lake Nanjing."

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.

Tan Hock Lee
Manager, Corporate Communications
(65) 6823 3266
The Ascott Limited