On track to achieve 12,000 apartment units in China by 2015

Singapore -- (SBWire) -- 09/25/2011 --CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (http://www.the-ascott.com/) (Ascott), has clinched contracts to manage two more properties in Chengdu and Beijing. The 181-unit Ascott Financial City Chengdu, which is the first premier Ascott-branded serviced residence in Chengdu, is slated to open in 2014. The 187-unit Somerset Wangjing Beijing, which is the first international brand of serviced residence in Beijing’s thriving Wangjing business area, is scheduled to open in 2013.

With the latest additions, Ascott has further strengthened its leadership position as the largest international serviced residence owner-operator in China and is on track to achieve 12,000 apartment units in the country by 2015.

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “We are pleased to secure two more management contracts which add over 360 apartment units to our portfolio. Ascott will now have around 7,000 apartment units in 38 serviced residences across 16 cities in China. Our quick expansion in China demonstrates the importance of the country as a key growth market for us and our strong confidence in its future development. We will continue to tap on more opportunities in tier-1 cities like Beijing where we still see abundant demand for international serviced residences from business travellers and tourists. In the mean time, we are deepening our presence in high growth cities such as Chengdu where foreign direct investment and tourism are expected to increase exponentially in the next few years.”

Ascott Financial City Chengdu

Ascott Financial City Chengdu is part of the landmark 58-storey Chengdu Financial City twin-tower development comprising Grade A offices and entertainment facilities. Located within New South Area, which is the up and coming business centre of Chengdu, the serviced residence will be surrounded by commercial developments such as Chengdu Financial Center and Tianfu Software Park, and the offices of many multinational companies including IBM, SAP and Symantec. Within walking distance are the Chengdu Ocean Park, Chengdu Opera House, Chengdu International Exhibition & Convention Center, shopping malls such as IKEA and GTC, and international schools. The property will be linked to a Metro station, providing convenient access to various destinations in the city including the Shuangliu International Airport.

Business and leisure travellers will be able to choose from a range of studios to four-bedroom apartments to suit their lifestyle needs. Facilities include a swimming pool, gymnasium, spa, sauna, children’s playroom, business centre, meeting room and reading lounge.

Somerset Wangjing Beijing

Somerset Wangjing Beijing is strategically located in the bustling Wangjing business area within the Chaoyang District. Positioned as Beijing’s second central business district, Wangjing is home to the China headquarters of many multinational companies including Daimler, Siemens and Caterpillar. Many Grade A office towers and commercial buildings will be developed to attract more corporations to set up offices in Wangjing. As the first international brand of serviced residence in Wangjing, Somerset Wangjing Beijing will enjoy first mover advantage in attracting expatriates and project teams who work in the area.

The serviced residence will offer studios, one-, two- and three-bedroom apartments. Residents can enjoy facilities such as a gymnasium, swimming pool, business centre and meeting room. They will also be able to travel easily throughout the city with the Metro station located right next to the serviced residence.

About The Ascott Limited
The Ascott Limited (http://www.the-ascott.com/) is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as about 6,000 units which are under development, making a total of more than 28,000 units.

The company operates three brands – Ascott (http://www.the-ascott.com/index.html), Citadines (http://www.citadines.com/) and Somerset (http://www.somerset.com/). Its portfolio spans over 70 cities across 20 countries, 13 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residencein Asia Pacific’, TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’, Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’, Business Traveller Asia-Pacific Awards 2010 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’ and TTG Travel Awards 2010 ‘Best Serviced Residence Operator’.

About CapitaLand Group
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.

The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.