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Ascott Acquires Prime Serviced Residence in Hong Kong

  • Published by Ozgur Tore

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has acquired an operating serviced residence in Hong Kong for HK$545 million (approximately S$88.8 million).

The 55-unit property will be rebranded as Citadines Mercer Hong Kong in the third quarter of 2014. It will further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China with more than 10,300 apartment units in 57 properties across 20 cities.

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