CAPITALAND'S serviced residence business The Ascott has landed contracts to manage five additional properties in China, boosting its portfolio to 12,000 apartment units in the populous country.
In a release to the Singapore Exchange on Monday, CapitaLand said that Ascott will manage 1,000 more apartment units in Yinchuan, Changsha, Shenyang and Xi'an.
The new contracts mark its entry into the high-growth cities of Yinchuan and Changsha, making Ascott the first international serviced residence owner-operator there. Three properties - namely the 200-unit Citadines Xingqing Yinchuan, 150-unit Somerset Xingqing Yinchuan and 164-unit Somerset Riverside Changsha - are slated to open in 2018.
Ascott plans to launch its second property in Shenyang, the 330-unit Somerset Olympic Centre Shenyang, in 2015, and Ascott's fifth property in Xi'an, the 156-unit Somerset Xindicheng Xi'an, in 2016.
Lee Chee Koon, Ascott's chief executive, said: "China is Ascott's fastest growing market. As the world's second largest economy, it continues to present tremendous opportunities. Having crossed our target of 12,000 apartment units ahead of 2015, we are now aiming at 20,000 units in China by 2020. This is in line with our global target of 80,000 apartment units by 2020."