Ascott’s growth in china gains momentum with three more properties in Beijing and Hong Kong

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured contracts to manage three more properties with over 300 apartment units in Beijing and Hong Kong. The new properties will further reinforce Ascott's leadership position as the largest international serviced residence owner-operator in China, with over 12,900 apartment units in 72 properties across 23 cities.

Ascott is deepening its presence in Beijing by securing the 208-unit Citadines Fangshan Beijing and 70-unit Changyang World Serviced Residence Beijing through its strategic alliance formed with Vanke last year. Vanke is one of the largest property developers in China and the two properties in Beijing are slated to open in 2018. Ascott also plans to open its fifth property in Hong Kong – the 92-unit Hotel Pravo Hong Kong in March 2015.

Mr Kevin Goh, Ascott's Managing Director for North Asia, said: "Ascott has been growing rapidly in China at an annual growth rate of 25% in 2014. Through management contracts, investments and strategic alliances, we have more than doubled the number of apartment units in China within five years, and built a stronghold in the country with the largest market share. Last quarter alone, we secured five serviced residences with over 1,000 apartment units in four cities. The three new properties will bring us closer to Ascott's target of 20,000 apartment units in China by 2020."

Mr Goh said: "Forming strategic alliances with good partners is one of the key strategies for us to expand Ascott's presence. With the addition of the two properties in Beijing, Ascott will manage a total of six properties with over 900 apartment units for Vanke in China. Ascott's strong track record in adding value to both our properties and customer experiences will continue to appeal to real estate owners in China looking for partnership opportunities."

Mr Goh added: "There are tremendous opportunities for Ascott to expand in gateway cities such as Beijing and Hong Kong where our serviced residences have been performing well. Beijing and Hong Kong continue to have high demand for accommodation from the many Fortune 500 companies, major Chinese corporations and embassies. With excellent locations and Ascott's award-winning hospitality, our new properties will continue to provide the warmth of home while catering to the different lifestyles of expatriates, travellers and their families."

Citadines Fangshan Beijing and Changyang World Serviced Residence Beijing are two adjacent blocks within a large integrated development, Vanke Changyang World, which also comprises retail outlets and residences. Located in the heart of the main shopping district, Fangshan District, the serviced residences are close to the district government's office, Liangxiang College Town and shopping centres such as Beijing Capital Outlets and Beijing Lianhua Supermarket. Amenities including The World Geothermal Natural Science Park and Changyang Sports Park are also nearby. A few steps from Libafang metro station, the properties offer convenient access to the metro lines in Beijing. The South Railway Station is a 30-minute drive away and Beijing's Daxing International Airport is a 40-minute drive away.

The two serviced residences are designed to meet the needs of different traveller segments. Citadines Fangshan Beijing offers independent travellers a flexible service menu to customise their stay experience according to their lifestyles, as well as a mix of studios, one- and two-bedroom apartments. Changyang World Residence Beijing is well-suited for guests travelling with families as it will offer a range of one-bedroom to the bigger three-bedroom apartments. Both serviced residences will have a shared lobby and guests can enjoy facilities such as a swimming pool, sauna, gymnasium, residents' lounge, business centre and children's playground.

About Hotel Pravo Hong Kong

Hotel Pravo Hong Kong enjoys a prime location at the junction of Peking Road and Ashley Road in Tsim Sha Tsui, providing guests with convenient access to work and play. It is steps away from one of the busiest tourist shopping areas where Harbour City and 1881 Heritage are located. It is also close to several office buildings such as The Gateway and I-Square. Nearby attractions include Victoria Harbour, Avenue of Stars and the Hong Kong Cultural Centre. Hotel Pravo is a one-minute walk from Ascott's first serviced residence in the city, Citadines Ashley Hong Kong, which is popular with expatriates and tourists. It is also near the MTR Line, Tsim Sha Tsui Ferry Terminal and Star Ferry Pier, connecting Hong Kong to Macau and the mainland cities.

Hotel Pravo will offer studios and suites designed with contemporary furnishings, and separate living area and workspace. Guests can easily access the wide variety of shops, tourist attractions and dining outlets nearby or work out in the fully-equipped gymnasium at the property.

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.