SINGAPORE (June 21): CapitaLand’s wholly-owned serviced residence business unit, The Ascott, has opened its first property in Nantong – Ascott Harmony City Nantong – and its fourth property in Suzhou – Somerset Baitang Suzhou.
The Ascott Harmony City Nantong is the first international-class serviced residence in the city and located in the financial hub near the Nantong Railway Station with direct access to the metro interchange station that is slated for completion in 2020.
This service apartment offers 164 units, ranging from studio to three-bedroom units.
The 194-unit Somerset Baitang Suzhou is located in the Suzhou Industrial Park (SIP), a high-tech park in China with more than 2,000 multinational corporations. Its units range from one to four-bedroom apartments.
This year marks Ascott's 20th anniversary in China and during this time, it owns more than 20,000 units in over 110 properties across 33 Chinese cities.
This year, the group has already secured contracts to manage nine properties, offering over 1,600 units and opened four properties with close to 800 units. Ascott is also planning to opened more than 50 properties in over 20 Chinese cities within the next six years.
Tan Tze Shang, managing director for China and head of business development of Ascott says, “Ascott Harmony City Nantong and Somerset Baitang Suzhou will enjoy a ready pool of expatriates as well as business and leisure travellers given their proximity to business parks, commercial buildings, retail and dining outlets, and popular tourist destinations. With the opening of these two serviced residences, guests can now choose from our 56 operational properties in China.”
As at 2.55pm, shares in CapitaLand are trading 5 cents lower at $3.28.