CAPITALAND-owned Ascott has secured two more contracts for serviced residences in Guangzhou and partnered one of the city’s leading property developers, Yuexiu Property, to deepen its presence in China, where it is already said to be the largest international serviced residence owner-operator.
Ascott will manage Citadines LiZhiWan Guangzhou and Somerset Riviera Guangzhou, both slated to open in the second half of the year. They will augment Ascott’s existing China portfolio that comprises Ascott Guangzhou, Ascott IFC Guangzhou and Springdale Serviced Residence Guangzhou in Guangzhou.
With currently 8,000 apartment units in 46 properties across 17 cities, Ascott hopes to have 12,000 apartment units by 2015. Yuexiu will acquire and developed serviced residences, with Ascott coming in to manage them.
Said Lee Chee Koon, deputy CEO and managing director for North Asia, Ascott: “Guangzhou is among the top three cities in China with the strongest economic growth. Its economy has expanded by 15 per cent annually for the past five years. Besides attracting investments from multinational companies in industries such as manufacturing, automobile and banking, Guangzhou is a leading city for international trade fairs.”
The 34-unit Citadines LiZhiWan Guangzhou will offer a range of studios and one-bedroom apartments, as well as a breakfast lounge, gym and business centre.
Somerset Riviera Guangzhou features 32 four-bedroom units, and comes with facilities including a swimming pool, gym, residents’ lounge and business centre.
