Ascott has clinched seven contracts to manage over 1,300 apartment units across six cities in China, including new destinations Kunming and Yichang.
The Singapore-based serviced residence operator, wholly owned by CapitaLand, has added more than 2,700 units across 15 properties in China this year, a 56 per cent increase compared with some 1,700 units and 10 properties secured in 1H2016.
Citadines Dianchi Time Plaza Kunming
The 92-unit Tujia Somerset Garden City Chongqing, located in the Jiefangbei CBC, is already operational and features one- to four-bedroom apartments.
Opening in 2018 are the 161-unit Ascott Yulian Plaza Dalian in the heart of Jinpu New District; Citadines Gaoke Liangjiang Chongqing with 198 units ranging from studio to three-bedroom located within the Gaoke Fortune Park industrial park.
As well, the 192-unit Citadines Three Gorges Yichang will open in Yichang city centre with the Yangtze River at its doorstep. It is part of an 80,000m2 integrated development that also comprises an office tower.
Also part of a mixed-use development is the 244-unit Somerset Q Plex Shenzhen – located near the University of Hong Kong-Shenzhen Hospital, attractions such as the Windows of the World, Happy Valley and Chinese Folk Village, and a science park housing technology companies including Tencent, ZTE and Huawei.
Scheduled to open in 2019 are Citadines Dianchi Time Plaza Kunming and Tujia Somerset Yunlong Lake Xuzhou. The former will feature 150 units in an integrated development comprising retail and office components, while the latter will open alongside the Citadines Yunlong Lake Xuzhou and an 80,000m2 shopping mall, all part of an integrated development.
The seven signings follow six secured in China earlier this year (for properties in Changsha, Shenzhen, Tianjin, Wuhan and two new cities Handan and Xuzhou) and puts Ascott on track to exceed its target of 80,000 units globally by 2020.
