Singapore -- (SBWIRE) -- 04/01/2012 -- CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (http://www.the-ascott.com/) (Ascott), has secured a contract to manage its first serviced residence in Xiamen. Slated to open in late 2012, the 169-unit Citadines Jinshang Road Xiamen is the first international branded serviced residence in Xiamen, Fujian Province. The latest addition has reinforced Ascott’s leadership position as the largest international serviced residence owner-operator in China with more than 8,000 apartment units in 42 properties across 17 cities.

Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said: “China is Ascott’s fastest growing market. Besides the tier one cities, we see potential in other growth cities like Xiamen which is one of the five special economic zones in China. As a centre for commerce, international shipping and technological innovation, Xiamen has attracted investments from many multinational corporations such as DELL, Lenovo, Coca-Cola and ABB. Xiamen is also a leading city for trade fairs and a well-known tourist destination. As the first international branded serviced residence in Xiamen, Citadines Jinshang Road Xiamen will enjoy first mover advantage in catering to the strong demand for quality accommodation.”

Mr Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, said: “Ascott has entered Xiamen because we value the potential in Xiamen and its neighbouring cities. Ascott is on track to achieve 12,000 apartment units in China by 2015. Besides expatriates and foreign tourists, an increasing number of domestic business travellers are also staying at our serviced residences. To entrench our leadership position in China, we will deepen our investments and leverage on Ascott’s strong international branding to secure more management contracts.”

Citadines Jinshang Road Xiamen is strategically located in the heart of Huli District which is well connected to the Xiamen airport and seaport. The serviced residence is situated next to the Huli government office and is close to the Huli Economic Zone and high-tech district which houses 24 Fortune 500 companies. A large Tesco supermarket is within walking distance from the serviced residence while the nearby bus rapid transit station provides convenient access to various destinations in Xiamen.

When completed, Citadines Jinshang Road Xiamen will offer a range of spacious studios to three-bedroom apartments catering to the different lifestyle needs of business and leisure travellers. All apartments will come with a fully-equipped kitchen and separate work and sleeping areas. The comprehensive facilities at the serviced residence include a gymnasium, business centre, conference room and breakfast lounge.

About The Ascott Limited
The Ascott Limited (http://www.the-ascott.com/) is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of more than 30,000 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, 15 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 28-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2012 ‘Best Serviced Apartment’, 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 Travel Awards 2011 ‘Best Serviced Residence Operator’ and TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’.

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.