CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has opened its first property in Nantong and fourth property in Suzhou – two fast-growing cities in the Yangtze River Economic Belt, a key economic region that accounts for more than 40% of China’s Gross Domestic Product [1].
Ascott Harmony City Nantong, the first international-class serviced residence in the city, is well-located in the financial hub near the Nantong Railway Station and has direct access to the metro interchange station that is slated for completion in 2020. Somerset Baitang Suzhou is in the heart of Suzhou Industrial Park (SIP), China’s top high-tech park [2] with more than 2,000 multinational corporations.
Mr Tan Tze Shang, Ascott’s Managing Director for China and Head of Business Development, said: “This year marks Ascott’s 20th anniversary in China, our fastest-growing and largest market, with over 20,000 units in more than 110 properties across 33 Chinese cities. In five months this year, we have secured contracts to manage nine properties offering over 1,600 units. We have also opened four properties with close to 800 units in Nantong, Suzhou, Xiamen and Xi’an.”
“Ascott Harmony City Nantong and Somerset Baitang Suzhou will enjoy a ready pool of expatriates as well as business and leisure travellers given their proximity to business parks, commercial buildings, retail and dining outlets, and popular tourist destinations. With the opening of these two serviced residences, guests can now choose from our 56 operational properties in China. Within the next six years, Ascott plans to open over 50 properties in more than 20 Chinese cities such as Shanghai, Shenzhen, Hangzhou, Tianjin and Guangzhou. These will be tailored for different customer segments across our varied brands such as Ascott, Citadines, Somerset, Tujia Somerset and our latest coliving brand for the millennials, lyf.”
He added: “Ascott’s recent joint venture with China’s market leaders Huazhu Hotels Group and CJIA Apartments Group is our most significant move in the manachise business to grow our Citadines brand in China by another 16,000 units by 2025. Besides management contracts and manachise, we will continue to also seek strategic alliances, investments and franchises to strengthen Ascott’s leading position in China.”
Ascott Harmony City Nantong
Located in Chongchuan’s Central Business District, Ascott Harmony City Nantong is part of an integrated development which also plays host to a high-end shopping mall and premium offices, offering Ascott’s serviced residence guests convenience right at their doorstep. The luxurious serviced apartment is surrounded by well-known landmarks such as The Nantong Bell Tower and Nantong Sports Exhibition Center, shopping malls, and parks. It is a short drive from the Nantong Economic Technology Development Area which is home to Fortune 500 multinational corporations.
Ascott Harmony City Nantong offers 164 elegant apartments, ranging from studio to three- bedroom units. Each apartment comes with a living room, dining area and a fully-equipped kitchen. The property also boasts a wide range of recreational facilities including a breakfast lounge, gymnasium, swimming pool and a children’s playroom. A library, conference room facilities and business support services are also available to cater to corporate travellers.
Somerset Baitang Suzhou
Somerset Baitang Suzhou is strategically located in the heart of the SIP, next to the Central Business District in the east of Jinji Lake. The 194-unit serviced residence is surrounded by a multitude of government agencies, such as the SIP Administrative Committee, and Property Rights Trading Center, as well as financial institutions including the Bank of China, China Merchants Bank, and Industrial and Commercial Bank of China.
The serviced residence is within walking distance to two stations of the operating Metro Line 1 and extensive bus lines, thus enjoying easy access to the rest of the city. The property is about a 20-minute drive from the Ecological Hub, Integrated Free Trade Zone and High Tech Industrial Zone. Dining outlets and places of interest like the Baitang Ecological Botanical Garden, Ferris Wheel Amusement Park, Jinji Lake and shopping malls are nearby. CapitaLand’s Suzhou Center Mall, the largest shopping centre in the city, is a 15-minute drive away.
Somerset Baitang Suzhou consists of one to four-bedroom apartments and offers an array of facilities such as an indoor pool, outdoor garden, golf course and sauna.
From now till 31 August 2018, guests can enjoy a 20% discount off Best Flexible Rates when they book a stay at Ascott Harmony City Nantong, with prices starting from RMB 509. Meanwhile, guests of Somerset Baitang Suzhou will receive 40% off Best Flexible Rates for one-bedroom executive apartments at RMB 666 for stays from now till 15 September 2018.
Besides Somerset Baitang Suzhou, Ascott currently also operates Ascott Midtown Suzhou and Citadines Xinghai Suzhou in SIP as well as Somerset Emerald City Suzhou. Meanwhile, the openings of Ascott Emerald City Suzhou and Joy Suites Nantong are in the pipeline.
According to the United Nations Conference on Trade and Development, China was the world’s second largest recipient of foreign direct investment with an estimated US$144 billion last year [3]. In 2017, China recorded the most number of international tourist arrivals in the world with 45.3 million arrivals [4], generating revenue of US$832 billion [5].
