CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has opened its first serviced residences in Hangzhou, China and Hamburg, Germany.
In addition, the company has opened its second premier Ascott-branded serviced residence in Jakarta, Indonesia and secured a management contract for its second Ascott-branded serviced residence in Dubai which is slated to open in 2017.
The 104-unit Citadines Intime City Hangzhou is homegrown Ascott’s 35th property to operate in China while the 185-unit Ascott Kuningan Jakarta is the company’s eighth property to open in Indonesia, reinforcing Ascott’s position as the largest international serviced residence owner-operator in China and Indonesia respectively.
The 127-unit Citadines Michel Hamburg is Ascott’s fourth serviced residence in Germany, adding to its current properties in Berlin, Munich and Frankfurt. The 117-unit Ascott Culture Village Dubai will bolster Ascott’s portfolio in the Gulf Cooperation Council to 12 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.