CapitaLand’s wholly-owned serviced residence business unit, The Ascott, has entered Wuxi in China by securing contracts to manage two serviced residences in the city.
The 134-unit Ascott Central Wuxi and 169-unit Somerset Wuxi are slated to open in the second half of 2015.
The new properties in Wuxi will further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China with more than 8,600 apartment units in 48 properties across 19 cities.
Lee Chee Koon, Ascott deputy chief executive, said: “As China continues to attract strong foreign direct investment, it is expected to enjoy healthy demand for quality accommodation.
“Revenue per available unit for our serviced residences in China increased by four per cent in the first quarter of 2013 compared to the same period last year.
“Besides Ascott Central Wuxi and Somerset Wuxi, we will open 19 more serviced residences in China by 2017.
“By strengthening our network in China, we can achieve greater economies of scale and reinforce Ascott’s leadership position.”
Strategically located in the Yangtze River Delta region, Wuxi’s economy has grown by an average of more than 17 per cent annually in the last ten years.
The city has also attracted foreign direct investment of more than RMB20 billion each year from 2008 to 2012.
“As Wuxi continues to transform itself into a thriving regional hub with a growing number of multinational corporations, large local enterprises and trade exhibitions, we expect strong demand for our international-class serviced residences by expatriates and local business travellers,” added Lee.
Catering to top business executives, the exclusive Ascott Central Wuxi has a prime location in Chong An District.
Situated along Zhong Shan Road in Wuxi’s city centre, the serviced residence is surrounded by office buildings, shopping malls, banks, hospitals and schools.
It is part of the Yunfu Mansion mixed development which comprises retail outlets, restaurants and offices, and is connected to the interchange stations of the upcoming metro lines 1 and 2.
Ideal for families, Somerset Wuxi is well located in Bin Hu District near Wuxi’s city centre, new Taihu central business district, and Wuxi New District where many multinational corporations are based.
The serviced residence is part of Vanke’s The Canal mixed development which is designed by the well-known Kengo Kuma & Associates and consists of retail shops, restaurants, museums and offices. Somerset Wuxi also provides a scenic view of the Beijing-Hangzhou Grand Canal and Liang Xi River, and is near shopping malls, an international school, Union Hospital and traditional Chinese medicine clinics.