ASCOTT has deepened its reach in China, having secured contracts to manage two serviced residences in Wuxi after bagging a Nanjing property just last month (TTG Asia e-Daily, April 9, 2013).
The 134-unit Ascott Central Wuxi and 169-unit Somerset Wuxi are scheduled to open in the second half of 2015.
Ascott Central Wuxi is located in the Chong An District and is part of the Yunfu Mansion mixed development comprising retail outlets, restaurants and offices.
Somerset Wuxi is situated in the Bin Hu District near the city centre, new Taihu CBD and Wuxi New District where many MNCs are based. The property will form part of Vanke’s The Canal mixed development.
Both properties offer a range of units from studio to three-bedroom apartments and come with fully-equipped kitchens and separate work and sleeping areas. Residents can avail of facilities and services such as a gym, business centre, meeting room, breakfast and residence lounges. Ascott Central Wuxi will feature a swimming pool while Somerset Wuxi will offer a children’s play area and spa.
Lee Chee Koon, deputy CEO and managing director for North Asia, said: “Revenue per available unit for our serviced residences in China increased by four per cent in 1Q2013 compared to the same period last year.
“Strategically located in the Yangtze River Delta region, Wuxi’s economy grew by an average of more than 17 per cent annually in the last 10 years. It has also attracted foreign direct investment of more than RMB20 billion (US$3.3 billion) each year from 2008 to 2012. As Wuxi continues to transform itself into a thriving regional hub with a growing number of MNCs, large local enterprises and trade exhibitions, we expect strong demand for our international-class serviced residences by expatriates and local business travellers.”
He added that Ascott would open 19 more serviced residences in China by 2017.
