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Ascott expands presence with 282-unit Ascott Shanghai

2009. 6 May

( CapitaLand’s wholly-owned serviced residence business unit, The Ascott Group Limited , has been awarded a contract by Shanghai Li Xing Real Estate Development Co., Ltd to manage a new premier serviced residence property in Shanghai. Shanghai Li Xing Real Estate Development Co., Ltd is part of Lai Fung Holdings, a Hong Kong-listed property development and investment company.

The 282-unit Ascott Shanghai is part of the prestigious Hong Kong Plaza, an existing integrated lifestyle development in Shanghai that comprises shopping, entertainment and offices. It is only a short walk from Xintiandi, a renowned entertainment, shopping and dining district with a wide range of cafes, restaurants, boutiques and bars.
Ascott Shanghai is targeted to open in 2010 at a time when the city will be receiving international guests attending the 84th World Expo. The serviced residence property is centrally located in Huaihai Zhong Road, Luwan District, one of the most vibrant shopping areas in Shanghai. It is also near the Huangpi Nan subway station and People’s Square which houses an exhibition centre, theatres and museums. The new Ascott property will offer residents a prestigious address and a complete lifestyle experience.
Mr Liew Mun Leong, Deputy Chairman, The Ascott Group Limited and President and CEO of CapitaLand Group, said: “Lai Fung Holdings is one of CapitaLand’s partners whom we are working with to scale up our presence in China. We welcome this latest contract for Ascott to manage Ascott Shanghai, a landmark serviced residence property in Shanghai’s vibrant Huaihai Zhong Road and Xintiandi areas. The management contract is in line with Ascott’s strategy of growing its portfolio by managing premier properties for partners. With this latest addition, Ascott will have more than 5,300 units in 27 properties in 12 cities across China, further strengthening its brand reputation and leadership position in China’s serviced residence industry.”

Ms Jennie Chua, President & CEO, The Ascott Group Limited, said: “Ascott is the largest international serviced residence operator in China with an established presence in key cities, including Shanghai. With the strategically located Ascott Shanghai, we can now offer another premium accommodation to business and leisure travellers to the city. We will be opening a total of 10 properties across China by end 2010. Ascott will continue to grow our footprint in China by securing more management contracts and through selective acquisitions.”
Mr Peter Lam, Chairman, Lai Fung Holdings Limited, said: “We are glad to have Ascott manage our serviced residence property in Hong Kong Plaza which is situated in the heart of Shanghai’s bustling district. Ascott is an experienced serviced residence operator having been in China for over 10 years and it manages many properties worldwide. Ascott’s brand name and award-winning service have also won the hearts of many discerning travellers. Through Ascott’s strong international expertise and our extensive knowledge of property development in China, we believe Ascott Shanghai will offer travellers a unique ‘home away from home’ experience.”
Ascott Shanghai is Ascott’s fifth serviced residence property in Shanghai and its sixth Ascott-branded property in China. The other five Ascott-branded properties are Ascott Beijing, Ascott Raffles City Beijing (opening in the second half of 2009), Ascott Shanghai Pudong, Ascott Guangzhou, and Ascott Shenzhen Maillen (opening in 2010).