Ascott expands in Pearl River Delta

Ascott expands in Pearl River Delta

The 186-unit Ascott M-City Foshan

Ascott has signed contracts to manage two more properties southern China’s Pearl River Delta region. The 186-unit Ascott M-City Foshan will become Ascott’s first serviced residence in Foshan, Guangzhou province, when it opens in 2016. The 71-unit Somerset Victoria Park Hongkong meanwhile, will be the company’s second serviced residence in Hong Kong when it commences operations in 2013.

Lim Ming Yan, Ascott’s Chief Executive Officer, said; “China is one of Ascott’s fastest growing markets. We entered Macau earlier this year and the addition of Foshan will enable us to further grow our scale in the Pearl River Delta region. With its established infrastructure and easy access to Guangzhou, Hong Kong and Macau, Foshan has attracted investments from many multinational companies such as Toshiba, Volkswagen and INVISTA.

“Foshan is also expected to become the largest manufacturing hub in Guangdong province. By having Ascott’s first serviced residence in Foshan and a second property in metropolis Hong Kong, we are poised to cater to the strong demand for quality accommodation from the increasing number of expatriates and travellers in the region,” Lim added.

Lee Chee Koon, Ascott’s Managing Director for North Asia, said; “With our latest properties in Foshan and Hong Kong, Ascott has secured over 870 apartment units in six serviced residences in China so far this year. We also opened new properties in Shenzhen and Xi’an and are excited to open our exclusive Ascott IFC Guangzhou next year. Ascott is on track to almost double its China portfolio to 12,000 apartment units by 2015.”

Ascott M-City Foshan will be located in the city’s newly-developed central business district – Dongping New Town. The serviced residence is part of the Dongping New Town Transportation Centre, a mixed-use development comprising offices and a shopping mall. Once completed, the property will feature a range of units, from studios to three-bedroom apartments, as well as a swimming pool, gymnasium, yoga room, reading room, business centre, conference room and breakfast lounge.

Somerset Victoria Park Hongkong will be located close to Victoria Park and Causeway Bay, close to the Hong Kong Convention and Exhibition Centre and Tin Hau MRT station. Facilities will include a range of studio, one- and two-bedroom apartments, as well as a gymnasium.

Mark Elliott
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