Ascott launches new property in China

LISTED CapitaLand’s serviced residence unit, The Ascott Limited, yesterday launched a new property in China called Somerset Riverview, Chengdu.

The 200-unit development was acquired through the Ascott China Fund and begins operations this month. It will increase Ascott’s portfolio in China to over 5,000 apartments in 27 properties across 13 cities – Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Hong Kong, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan and Xi’an.

Ascott chief executive Lim Ming Yan said the expansion into Chengdu reflects the importance of China as a key growth market. The new property ‘will enable us to establish a strong foothold in western China and further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in the country,’ he said.

Chengdu, the provincial capital of Sichuan, is a key economic centre and transport and communications hub in western China.

Somerset Riverview, Chengdu, which has studios and duplexes, is located in the downtown central business district along South Renmin Road. It is next to the main artery connecting the CBD to another major commercial area in the city’s south which is a well-known venue for conventions and exhibitions.

The landmark Tianfu Square, which is home to major shopping malls and a transport hub that provides access to various destinations across the city, is about a 15-minute walk away.

Next to Somerset Riverview, Chengdu is a grade A office building, Central Point Phase 2, which is scheduled for completion by the fourth quarter of this year. The office building is expected to attract major international companies as tenants, providing a ready market for Ascott.

Source : Business Times – 6 Apr 2010