Ascott Forms Strategic Alliance With Vanke To Drive Its Growth In China
Secures two more properties in Beijing
CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered into a strategic alliance with Beijing Vanke Co., Ltd. (Beijing Vanke), a wholly-owned subsidiary of Vanke China Co., Ltd. (Vanke), to drive Ascott's expansion plans in China. Vanke is one of the largest property developers in the country. Beijing Vanke will leverage its significant presence and expertise to develop serviced residences in China.
Singapore -- CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered into a strategic alliance with Beijing Vanke Co., Ltd. (Beijing Vanke), a wholly-owned subsidiary of Vanke China Co., Ltd. (Vanke), to drive Ascott's expansion plans in China. Vanke is one of the largest property developers in the country. Beijing Vanke will leverage its significant presence and expertise to develop serviced residences in China. Ascott will in turn provide its leading capabilities in managing award-winning serviced residences.
In addition to establishing the strategic alliance, Ascott has secured contracts from Beijing Vanke to manage two more serviced residences in Beijing. Ascott's first Citadines-branded serviced residence in Beijing, the 157-unit Citadines Daxing Beijing, and the 198-unit Somerset Shunyi Beijing are both slated to open in 2017. The two properties will strengthen Ascott's leadership position as the largest international serviced residence owner-operator in China, with over 10,800 apartment units in 60 properties across 20 cities.
Mr Kevin Goh, Ascott's Managing Director for North Asia, said: "China remains our key growth market. Besides expanding through management contracts and investments, strategic alliances with leading developers like Vanke will enable us to combine our expertise and industry knowledge to create a mutually beneficial partnership for both Ascott and Vanke. With these two latest contracts in Beijing, Ascott will manage a total of four serviced residences with close to 700 apartment units for Vanke, including the premier Ascott Midtown Suzhou which just opened in April 2014 and Somerset Wuxi which is expected to open next year. We look forward to growing our partnership with Vanke in the future."
Mr Goh added: "In China, Ascott will continue to seek opportunities in gateway cities and high growth cities with strong demand for serviced residences. As the capital city of China, Beijing is one of the most important economic centres as well as transportation and communications hubs. More than 300 Fortune Global 500 companies have established their headquarters or branch offices in Beijing. The addition of the two new properties will serve the market well and further strengthen Ascott's foothold in Beijing."
Citadines Daxing Beijing is strategically located at the intersection of Xinyuan Road and Xinghua Street in Daxing District, the core area of South Beijing. The serviced residence is part of Beijing BCDH Vanke Plaza, a mixed-use development that also comprises offices. It is near the district government, office buildings and several attractions such as Niantan Park and Qingyuan Park. Beijing Daxing Capital Golf Club is a 15-minute drive from the serviced residence. Residents will enjoy convenient access to various destinations in Beijing via metro Daxing Line and easily connect to the Railway Station and Beijing's upcoming second international airport.
Somerset Shunyi Beijing has a prime location in Shunyi District. Situated along Tianzhu Road, the serviced residence is surrounded by office buildings where several offices of airlines such as Cathay Pacific, China Southern and Singapore Airlines are located as well as international schools. The property is a 10-minute drive from Beijing International Airport and within walking distance to metro Line 15 station.
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 23,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 10,000 units which are under development, making a total of more than 34,000 units in over 200 properties.
2014 marks Ascott's 30th Anniversary. To celebrate 30 years of hospitality excellence, Ascott has introduced a series of promotions to thank customers for their support. Customers can look forward to free stays and Ascott online members will enjoy at least 30% off Best Flexible Rates at participating properties in over 30 cities worldwide. Corporate clients who are members of Ascott's rewards programme, The Link Club, can get 30% off redemption points where they will enjoy privileges such as dining, shopping and travel. For details on the promotions, terms and conditions, and reservations, visit www.the-ascott.com/30years.
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.