CAPITALAND'S wholly owned service residence business unit, The Ascott Limited, has secured contracts to manage two more properties, one each in Xi'an and Shenzhen.
This follows the group's recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April.
The latest additions - Somerset Gaoxin, Xi'an and Somerset Grandview, Shenzhen - are scheduled to open in 2012 and 2013 respectively.
Lee Chee Koon, Ascott's managing director for North Asia, said: 'China is an important market for Ascott.
'Besides growing in cities such as Beijing and Shanghai, we have been expanding rapidly in other cities like Xi'an and Shenzhen where there is high demand for service residences.'
The group's Citadines Xi'an Central and Somerset Garden City, Shenzhen have achieved occupancy of above 80 per cent.
It will open Ascott Maillen Shenzhen this year, and two more Citadines-branded service residences in Xi'an by 2012.
The two latest Somerset-branded properties will increase the group's portfolio to more than 5,500 apartment units in 29 properties across 13 cities.
Somerset Gaoxin, Xi'an is Ascott's first Somerset- branded service residence in the city. It is located on Tang Yan Road, which is within the new commercial centre of the Xi'an Hi-tech Development Zone.
The project is part of a mixed development which comprises a clubhouse and a retail podium.
Somerset Grandview, Shenzhen is on Xinsha Road, close to the Futian Central Business District. The property is next to the Shenzhen Golf and Country Club and close to high-end office towers, shopping malls, and food and beverage outlets.
Both the 233-unit Somerset Gaoxin, Xi'an and 128- unit Somerset Grandview, Shenzhen will offer a range of apartment types from studios to three-bedroom units, catering to the different needs of both short- and long-stay travellers.
All apartments come with a fully equipped kitchen, ensuite bathroom and separate living and work areas.
Source: Business Times, 8 Jul 2010
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