SINGAPORE - Capitaland's The Ascott on Wednesday announced that it has opened its first serviced residences in Hangzhou, China, and in Hamburg, Germany.
It has also opened its second Ascott-branded serviced residence in Jakarta and secured a management contract for its second Ascott-branded serviced residence in Dubai, due to open in 2017.
The 104-unit Citadines Intime City Hangzhou is Ascott's 35th property in China. It is located near the city's three major business districts and is a 25-minute drive from attractions such as the scenic Westlake area and the Hangzhou Xixi National Wetland Park.
Ascott's CEO Lee Chee Koon said: "Having our first property in the city will enable us to capture the demand as we also prepare to open Ascott Raffles City Hangzhou in 2017."
Hangzhou is the capital and largest city of Zhejiang province in eastern China. Its foreign direct investment has grown by an average of more than 9 per cent annually in the last five years.
The city also attracted more than 90 million business and leisure travellers in 2013.
The 127-unit Citadines Michel Hamburg is Ascott's fourth serviced residence in Germany, coming after the ones in Berlin, Munich and Frankfurt. The property is in the heart of Hamburg's business district.
The Jakarta property, the 185-unit Ascott Kuningan Jakarta, is the company's eighth in Indonesia. Located in Jakarta's central business district, it is part of Ciputra World 1, a large integrated development comprising an upscale mall, an office tower and an ArtPreneur Centre which is a museum and art gallery-cum-theatre.
Mr Lee said that the company sees tremendous potential in the Indonesian capital.
The 117-unit Ascott Culture Village Dubai will boost Ascott's portfolio in the Gulf Cooperation Council to 12 properties, which are scattered across Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.
CapitaLand gained a cent to S$3.03 on Wednesday.
This article was first published on Oct 16, 2014.
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