THE Ascott has purchased an operational serviced residence in Sheung Wan, Hong Kong Island and will rebrand it to Citadines Mercer Hong Kong in 3Q2014.
The 55-unit property is located next to Hong Kong’s central business district, close to Soho and the famous Lan Kwai Fong.
Lee Chee Koon, CEO, said: “One of Ascott’s growth strategies is to look for prime operating serviced residences in gateway cities which will provide us with faster time to market.
“Adding a fourth property to our portfolio in Hong Kong will give us economies of scale and further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in (Greater) China with more than 10,300 apartment units in 57 properties across 20 cities.”
Meanwhile, managing director for North Asia, Kevin Goh, said that demand for serviced residences from expatriates and travellers is strong. He pointed out that Citadines Ashley Hong Kong, the first Citadines property in the SAR, has been seeing occupancy of above 90 per cent since its inception in 2006.
Citadines Mercer Hong Kong will offer one-bedroom apartments featuring a kitchenette, living and work spaces, a residents’ lounge, gym and swimming pool.
The Ascott is scheduled to launch Somerset Victoria Park Hong Kong in the third quarter and rebrand another serviced residence on Connaught Road in 2015.
In a separate development, Ascott today also announced it has partnered James Cook University to offer a direct path to a business degree programme for those studying for a Singapore Workforce Skills Qualifications Diploma in Tourism (Accommodation Management) at the Ascott Centre for Excellence.
Appointed by the Singapore Workforce Development Agency, the Ascott Centre for Excellence is the first and only continuing education and training centre for the hospitality sector that is run by a hospitality company.
