Secures four more management contracts and opens two properties, on track to achieve 12,000 units in China by 2015

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, has crossed its milestone of having 10,000 apartment units in its key market of China, cementing its leadership position as the largest international serviced residence owner-operator in the country with 56 properties across 20 cities. This brings Ascott closer to its target of achieving 12,000 apartment units in China by 2015.

Mr Kevin Goh, Ascott's Managing Director for North Asia, said: "We are pleased that Ascott has crossed a milestone of having 10,000 apartment units in China and is on track to achieve 12,000 units by 2015. Besides the first tier cities, we are expanding in high growth cities like Hangzhou and Chongqing. These cities have strong potential for economic growth and foreign investments which will generate a large demand for serviced residences. In China this year, we have so far clinched 13 management contracts and acquired a prime property in Hong Kong. Our China portfolio increased by more than 2,100 apartment units compared to 2012."

Mr Goh added: "Since we brought Ascott from our home base in Singapore to China in 1998, more real estate owners have been seeking partnerships with us due to our exceptional track record in constantly adding value to both the properties and our customers. More expatriates and travellers are also choosing to stay at our serviced residences".

In the next five years, Ascott will be opening 27 more properties with over 4,300 units in China.