Singapore -- (SBWire) -- 11/27/2011 --CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (http://www.the-ascott.com/) (Ascott), has opened its third Citadines serviced residence in Xi’an. The new 138-unit Citadines Xingqing Palace Xi’an (http://www.citadines.com/china/xian/citadines_xian_xingqing_palace.html) strengthens Ascott’s leadership position as the largest international serviced residence owner-operator in Xi’an and in China. Ascott currently also operates Citadines Central Xi’an (http://www.citadines.com/china/xian/central.html) (162 units) and Citadines Gaoxin Xi’an (http://www.citadines.com/china/xian/gaoxin.html) (251 units) while Somerset Gaoxin Xi’an (233 units) is expected to open in 2013. All four properties are in prime locations in the Hi-Tech Development Zone or the business district of Xi’an and are close to many tourist spots. In China, Ascott has about 7,000 apartment units in 38 properties across 16 cities.

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said: “Xi’an has immense potential for serviced residences. As a key economic hub in Central West China, foreign direct investments have been growing with many multinational companies such as IBM, Intel, Fujitsu and NEC setting up their national R&D centres in the city. Xi’an is also a famous tourist destination attracting millions of foreign and domestic travellers every year with its many historic sites. The opening of our third Citadines in Xi’an will enable us to cater to the strong demand for accommodation from business and leisure travellers. Moving forward, high growth cities such as Xi’an will remain an important market for Ascott as we seek to expand our China portfolio to 12,000 units by 2015.”

Citadines Xingqing Palace Xi’an is a five-minute walk to the historic Xingqing Palace Park, a popular tourist attraction built on the ruins of the palace dating back to the Tang dynasty. The serviced residence is also close to many shopping and entertainment outlets such as the Lifeng International Shopping Square, Jiaoda Computer Mall and Hongye Cinema. Academics and students from the nearby universities including Jiaotong University will find great convenience living in the new Citadines property.

Citadines Xingqing Palace Xi’an provides travellers with a comfortable and homely environment to suit individual lifestyles. Each of the spacious studios to two-bedroom apartments has a fully-equipped kitchen, an ensuite bathroom and separate work and sleeping areas. The serviced residence offers 24-hour reception, 24-hour security, meeting rooms, WiFi zones and business support services. For recreation, guests can make use of the fully-equipped gymnasium, sauna, steam room or yoga room. Residents also have the flexibility to choose from services including grocery shopping, laundry, dry cleaning and meal delivery to customise their stay experience.

To celebrate the opening of Citadines Xingqing Palace Xi’an, Ascott is offering introductory rates which start from RMB 350 for a studio. The rates are valid until 31 December 2011. For enquiries and reservations, please visit www.citadines.com, call 400 820 1028 or email enquiry.xian@the-ascott.com.

About The Ascott Limited
The Ascott Limited 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 over 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 more than 20 countries, 14 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 award-winning serviced residence brands that enjoy recognition worldwide.

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