CapitaLand’s wholly-owned serviced residence business unit, The Ascott, has entered Wuxi in China by securing contracts to regulate two serviced residences within the city.
The 134-unit Ascott Central Wuxi and 169-unit Somerset Wuxi are slated to open within the second 1/2 2015.
The new properties in Wuxi will further strengthen Ascott’s leadership position because the largest international serviced residence owner-operator in China with greater than 8,600 apartment units in 48 properties across 19 cities.
Lee Chee Koon, Ascott deputy chief executive, said: “As China continues to draw strong foreign direct investment, it’s far expected to enjoy healthy demand for quality accommodation.
“Revenue per available unit for our serviced residences in China increased by four per cent within the first quarter of 2013 in comparison to a similar period last year.
“Besides Ascott Central Wuxi and Somerset Wuxi, we are going to open 19 more serviced residences in China by 2017.
“By strengthening our network in China, we will be able to achieve greater economies of scale and reinforce Ascott’s leadership position.”
Strategically located within the Yangtze River Delta region, Wuxi’s economy has grown by a median of greater than 17 per cent annually within the last ten years.
The city has also attracted foreign direct investment of greater than RMB20 billion every year from 2008 to 2012.
“As Wuxi continues to remodel itself right into a thriving regional hub with an increasing number of multinational corporations, large local enterprises and trade exhibitions, we predict strong demand for our international-class serviced residences by expatriates and native business travellers,” added Lee.
Catering to top business executives, the exclusive Ascott Central Wuxi has a main 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 a part of the Yunfu Mansion mixed development which comprises stores, restaurants and offices, and is attached to the interchange stations of the approaching metro lines 1 and a couple of.
Ideal for families, Somerset Wuxi is easily 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 a part of Vanke’s The Canal mixed development that is designed by the well-known Kengo Kuma & Associates and comprises 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, a global school, Union Hospital and conventional Chinese medicine clinics.