Ascott adds more than 2,000 rooms in China
The Ascott Limited, the serviced residence arm of Singapore property giant CapitaLand, announced on Jan 4 that it has inked nine new management contracts in China, adding more than 2,000 rooms to Ascott’s portfolio.
The nine properties are slated to open between 2018 and 2023, and they include new cities such as Harbin and Zhuhai as well as Chongqing, Foshan, Shanghai and Wuxi where Ascott already has a presence. The first to open in 2018 will be the 285-unit Somerset Gubei Shanghai, located near Wuzhong Road station and Songyuan Road station. The sole Harbin property, the 190-unit Citadines Baoyu Riverview Harbin, is slated to open in 2020.
This marks a record year of growth in China for Ascott, as more than 5,600 units across 28 properties were added to its existing portfolio in 2017, which is more than double the figure added in 2016 – 2,700 units across 15 properties.
Citadines Baoyu Riverview Harbin (Credit: Ascott)
Ascott’s portfolio in China now stands at more than 20,000 units in about 110 properties across 31 cities. “With the nine new management contracts secured in China, Ascott has exceeded our target of 20,000 units for our biggest market, China, three years ahead of schedule,” says Kevin Goh, CEO of Ascott.
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