Ascott to manage serviced residences in Foshan, Hong Kong

ASCOTT has clinched management contracts for two serviced residences in Foshan and Hong Kong.

The 186-unit Ascott M-City Foshan, which is the group’s first serviced residence in Foshan, is slated to open in 2016. The 71-unit Somerset Victoria Park Hongkong will be Ascott’s second serviced residence in Hong Kong when it opens in 2013. Ascott currently owns and operates Citadines Ashley Hongkong, which is located in Tsim Sha Tsui.

Lim Ming Yan, Ascott’s CEO, said: “China is one of Ascott’s fastest growing markets. We entered Macau earlier this year, and the addition of Foshan will enable us to further grow our scale in the Pearl River Delta region.”

Located in the city’s newly developed central business district—Dongping New Town, Ascott M-City Foshan will offer apartments ranging from studios to three-bedroom units. Facilities include a swimming pool, a gym, a yoga room, a reading room, a business centre, a conference room and a breakfast lounge.

Situated close to the Hong Kong Convention and Exhibition Centre, Somerset Victoria Park Hongkong will offer a range of studio, one- and two-bedroom apartments.

With the two additions, Ascott has strengthened its position as the largest international serviced residence owner-operator in China, with over 7,000 apartment units in 40 properties across 17 cities.

Lee Chee Koon, Ascott’s managing director for North Asia, said: “With our latest properties in Foshan and Hong Kong, Ascott has secured over 870 apartment units in six serviced residences in China so far this year. We also opened new properties in Shenzhen and Xian and are excited to open our exclusive Ascott IFC Guangzhou next year. Ascott is on track to almost double its China portfolio to 12,000 apartment units by 2015.”

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