Somerset Riviera Guangzhou — Photo by The Ascott Limited

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered into a strategic alliance with Yuexiu Property Company Limited (Yuexiu Property), one of the largest property developers in Guangzhou, to drive its expansion plans in China. For this strategic alliance, Hong Kong-listed Yuexiu Property will leverage on its significant presence and expertise to acquire and develop serviced residences in China. Ascott will in turn provide its leading capabilities in managing award-winning serviced residences.

Besides establishing a strategic alliance with Yuexiu Property, Ascott has separately secured contracts in Guangzhou to manage two more serviced residences named Citadines LiZhiWan Guangzhou and Somerset Riviera Guangzhou. Slated to open in the second half of 2013, the two properties will strengthen Ascott's leadership position as the largest international serviced residence owner-operator in China, with over 8,000 apartment units in 46 properties across 17 cities.

Mr Lee Chee Koon, Ascott's Deputy Chief Executive Officer and Managing Director for North Asia, said: "China is a key market for Ascott as it continues to attract significant foreign direct investment which generates increasing demand for serviced residences. To achieve our target of 12,000 apartment units in China by 2015, we will expand in tier one cities like Beijing, Shanghai and Guangzhou as well as other high growth cities through investments and management contracts. Strategic alliances with leading developers like Yuexiu Property will enable us to combine our expertise and industry knowledge to further extend Ascott's lead in China."

Mr Lee added: "Guangzhou is among the top three cities in China with the strongest economic growth. Its economy has expanded by 15% annually for the past five years. Besides attracting investments from multinational companies in industries such as manufacturing, automobile and banking, Guangzhou is a leading city for international trade fairs. By deepening our presence in Guangzhou, we will be able to cater to the strong demand for quality accommodation by foreign and domestic travellers."

Mr Zhu Chen, Yuexiu Property's General Manager,said: "We entered into a strategic alliance with Ascott due to its strong branding, worldwide network and reputation for product and service excellence. Our companies first collaborated when we awarded the management contract for the premier Ascott IFC Guangzhou in 2010. The serviced residence is part of our new Guangzhou International Finance Centre which aims to be the most successful mixed development in the city. We are confident that the serviced residence will perform very well given Ascott's track record."

The 34-unit Citadines LiZhiWan Guangzhou is strategically located in the city's historic LiZhiWan area which will be redeveloped as a commercial and cultural hub. The serviced residence is situated along a scenic river lined with antique shops and The Liwan Museum. It is also within walking distance from Longjin West Road which is known for its many Cantonese restaurants.

The serviced residence will provide independent travellers the flexibility to choose the services they require, a range of studios and one-bedroom apartments, as well as facilities such as a breakfast lounge, gymnasium and business centre.

The 32-unit Somerset Riviera Guangzhou is situated right next to the Pearl River and offers spectacular views of Er-sha Island and Dongshan Lake Park. The serviced residence is well connected to the city's major roads, and provides convenient access to Zhujiang New Town and Tianhe Bei business districts where many multinational companies, shopping, dining and entertainment outlets are located.

All apartments in Somerset Riviera Guangzhou will be spacious four-bedroom units that are ideal for expatriates and travellers with families. Residents can enjoy facilities including a swimming pool, gymnasium, residents' lounge and business centre.

In Guangzhou, Ascott currently operates Ascott Guangzhou, Ascott IFC Guangzhou and Springdale Serviced Residence Guangzhou.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.