Citadines South Chengdu
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Citadines-branded serviced residence in Chengdu. The 177-unit Citadines South Chengdu is slated to open in 2014. Ascott holds the position as the largest international serviced residence owner-operator in China with about 8,000 apartment units in 43 properties, across 17 cities. In Chengdu, Ascott currently operates one Somerset-branded serviced residence and expects to open two premier Ascott-branded properties in the next two years. With this latest contract, Chengdu joins Shanghai and Suzhou as the third city in China with all three of Ascott’s brands of serviced residences.
“Chengdu has strong growth opportunities for serviced residences,” says Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia. “Its economy grew by more than 13% for the first half of 2012 over the same period last year. In Central and Western China, Chengdu has been ranked the top city with the most Fortune 500 companies. Chengdu is also a popular tourist destination and venue for exhibitions and conferences.”
Citadines South Chengdu will be located in Chengdu’s Hi-tech District at the junction of Tianfu Street and Tianfu South Road. The serviced residence is part of the Chengdu ICON Genesis Plaza, a mixed development comprising office towers, restaurants and retail outlets. Citadines South Chengdu is also surrounded by numerous Grade A office towers which house several multinational corporations including Nokia Siemens, Symantec, Maersk, Manulife Financial, Cisco, SAP, GE and IBM.
Citadines South Chengdu will offer a range of studios to two-bedroom apartments that come with a fully-equipped kitchen and separate work and sleeping areas. Facilities at the serviced residence include a gymnasium, sauna, roof garden, breakfast lounge, children’s indoor play area and meeting rooms.
The Ascott Limited is a Singapore brand which has grown to be the world’s largest international serviced residence owner-operator. It has over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of more than 30,000 units.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust.
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.