ASCOTT MARKS 20TH YEAR IN CHINA WITH THE OPENING OF NANTONG’S FIRST INTERNATIONAL-CLASS SERVICED RESIDENCE AND ITS FOURTH PROPERTY IN SUZHOU

Ascott Harmony City Nantong in the fast-growing Nantong’s financial hub and Somerset Baitang Suzhou in Suzhou Industrial Park increase Ascott’s operating properties to 56 across over 20 cities in China

(TRAVPR.COM) SINGAPORE - June 21st, 2018 - 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 20^th 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.”

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 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].

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 44,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as more than 30,000 units which are under development, making a total of more than 74,000 units in over 500 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection, and lyf. Ascott’s portfolio spans more than 130 cities across over 30 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2018 for ‘Leading Serviced Apartment Brand’ in the Middle East; Business Traveller Middle East Awards 2018 for ‘Best Serviced Apartment Company’; DestinAsian Readers' Choice Awards 2018 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2018 for ‘Best Serviced Residence Operator in China’; World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2017 for ‘Best Serviced Residence Brand’; Business Traveller UK Awards 2017 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2017 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth S$91 billion as at 31 March 2018, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 150 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.

CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

[1] “Top priority for industry clusters on Yangtze River belt this year” (23 January 2018), China Daily

[2] “Commentary: 20 years on, Suzhou Industrial Park turns to innovation for 2.0 upgrade” (1 Jan 2018), Channel NewsAsia

[3] “China, Hong Kong and Singapore get biggest FDI inflows in Asia: Report” (30 Jan 2018), The Straits Times

[4] “Report on World Tourism Economy Trends” (19 March 2018), World Tourism Cities Federation

[5] “China’s tourism revenue hits 5.4 trillion yuan in 2017” (8 January 2018), Xinhuanet