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THE Ascott, CapitaLand's wholly-owned serviced residence business unit, on Monday announced it has secured contracts to manage three more properties with over 300 apartment units in Beijing and Hong Kong.
In Beijing, Ascott has secured the 208-unit Citadines Fangshan Beijing and 70-unit Changyang World Serviced Residence Beijing through its strategic alliance formed with Vanke last year.
Both properties in Beijing are slated to open in 2018.
Ascott also plans to open its fifth property in Hong Kong - the 92-unit Hotel Pravo Hong Kong in March 2015.
The new properties will further reinforce Ascott's leadership position as the largest international serviced residence owner-operator in China, with over 12,900 apartment units in 72 properties across 23 cities.
"There are tremendous opportunities for Ascott to expand in gateway cities such as Beijing and Hong Kong where our serviced residences have been performing well. Beijing and Hong Kong continue to have high demand for accommodation from the many Fortune 500 companies, major Chinese corporations and embassies," said Kevin Goh, Ascott's managing director for North Asia.