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Citadines to Nanjing

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has secured a contract to manage its first serviced residence in Nanjing.

The contract was awarded by Nanjing Lek Yuen Property Development Company Limited, a major property developer in Nanjing. Citadines Baijia Lake Nanjing, which will have approximately 290 apartment units, is slated to open in the second half of 2014.

“China is Ascott’s fastest growing market,” said Ascott’s Chief Executive Officer, Chong Kee Hiong. “It is also our strongest market where our revenue per available unit in 2012 increased by 15% over 2011.

“Besides building on our presence in tier one cities in China, we have been expanding into high growth cities where strong foreign investment has generated a large demand for serviced residences.

“Nanjing, the capital of Jiangsu Province, is one of these high growth cities, with an economy that expanded by an average of 17% per year over the past five years.

“We see strong potential for Ascott to expand into Nanjing and grow our presence in the East China region.”

Lee Chee Koon, Ascott’s Deputy Chief Executive Officer and Managing Director for North Asia, added: “Our first property in Nanjing is well-positioned to tap the growing number of expatriates, business travellers and tourists in Nanjing.

“Citadines Baijia Lake Nanjing is near the city centre and strategically located in Jiangning District which is home to Nanjing’s largest economic and high-tech zone. More than 2,000 foreign enterprises are based in Jiangning District.”

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