ASCOTT will make inroads into Nanjing in the second half of 2014 with the opening of its first serviced residence in the city, having recently signed a contract with Nanjing Lek Yuen Property Development to manage the property.
The 290-unit Citadines Baijia Lake Nanjing will be located a 15-minute and 25-minute drive from the Nanjing high-speed railway station and airport respectively.
Citadines Baijia Lake Nanjing will offer apartments in studio to three-bedroom configurations, with fully-equipped kitchens and separate work and sleeping areas.
Facilities at the serviced apartment include a gym, children’s play area, residence lounge, breakfast lounge, meeting room and business centre.
Chong Kee Hiong, Ascott CEO, 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 per cent 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.”
Lee Chee Koon, deputy CEO and managing director for North Asia, Ascott, added: “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.”
