Ascott Strengthens Foothold in China's High Growth Cities

Online, July 24, 2012 (Newswire.com) - CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (http://www.the-ascott.com/) (Ascott), has secured a contract to manage its third property in Chengdu. The premier Ascott Raffles City Chengdu will offer 296 luxurious apartments when it opens in 2013. This follows Ascott's recent contract wins to manage its first serviced residence in Xiamen, Citadines Jinshang Road Xiamen, and its second property in Wuhan, Somerset Wusheng Wuhan, which are scheduled to open in late 2012 and 2013 respectively. The new properties further enhance Ascott's leadership position as the largest international serviced residence owner-operator in China with about 7,800 apartment units in 42 properties across 17 cities.

Mr Lee Chee Koon, Ascott's Deputy Chief Executive Officer and Managing Director for North Asia, said: "Besides expanding in the gateway cities such as Beijing and Shanghai, we also see tremendous potential in China's high growth cities such as Chengdu, Wuhan and Xiamen. These cities have been attracting investments from many multinational and local corporations due to their rapid urbanisation and strong infrastructure. Chengdu, Wuhan and Xiamen are also well-known tourist destinations. By strengthening our foothold in these cities, we can cater to the growing demand for quality accommodation from both international and domestic travellers."

"Ascott Raffles City Chengdu is our third serviced residence within CapitaLand's signature Raffles City brand of integrated developments. We launched Ascott Raffles City Beijing (http://www.the-ascott.com/china/beijing/ascott_raffles_city_beijing.html) in 2009 and Ascott Raffles City Hangzhou is scheduled to open in 2015. When Ascott Raffles City Chengdu opens next year, it will offer our guests another first class experience with a world of conveniences like shopping and dining right at their doorstep," added Mr Lee.

Ascott Raffles City Chengdu is strategically located in the heart of Chengdu's bustling business centre along Renmin Nan Road. It is part of the Raffles City Chengdu integrated development which is designed by renowned architect Steven Holl and comprises serviced residences, Grade A offices, luxury apartments and a shopping mall. Ascott Raffles City Chengdu is connected to a metro interchange and is surrounded by commercial towers, retail shops, restaurants and entertainment outlets.

When completed, Ascott Raffles City Chengdu will offer spacious and luxurious studio, one-, two- and three-bedroom apartments. Residents can enjoy comprehensive facilities such as an indoor swimming pool, sauna, spa, gymnasium, reading lounge, restaurants and children's play area. Business travellers can also make use of the serviced residence's business centre and meeting rooms.

In Chengdu and Wuhan, Ascott currently operates Somerset Riverview Chengdu (http://www.somerset.com/china/chengdu/somerset_riverview_chengdu.html) and Citadines Zhuankou Wuhan. It expects to open Ascott Financial City Chengdu in 2014.

About The Ascott Limited

The Ascott Limited is the world's largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of more than 29,000 units.

The company operates three brands - Ascott (http://www.the-ascott.com/index.html), Citadines (http://www.citadines.com/) and Somerset (http://www.somerset.com/). Its portfolio spans over 70 cities across more than 20 countries, 15 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class serviced residence in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 28-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers' Choice Awards 2012 for 'Best Serviced Apartment', TTG China Travel Awards 2012 for 'Best Serviced Residence Operator in China', TTG Travel Awards 2011 for 'Best Serviced Residence Operator', Business Traveller Asia-Pacific Awards 2011 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2011 for 'Best Serviced Apartment Company'.

About CapitaLand Group

CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.