CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (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.Ascott-Central-Wuxi

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.

Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, 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 4% in 1Q 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.”

He added: “Strategically located in the Yangtze River Delta region, Wuxi’s economy grew by an average of more than 17% annually in the last 10 years. It has also attracted foreign direct investment of more than RMB 20 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.”