CapitaLand’s wholly-owned serviced luxury residence business unit, The Ascott Limited (Ascott) has opened its fifth service residence building in Beijing, China with Raffles City. This marks the first time the Ascott serviced residences have partnered Raffles City, an integrated lifestyle development also owned by CapitaLand.
The Ascott announced that this residential development strengthens their position as the largest international serviced residence owner-operator in China.
“Ascott Raffles City Beijing is our fourth property to open in China this year, reaffirming Ascott’s commitment to grow our presence in the Mainland,” said Lee Chee Koon, Managing Director of Ascott North Asia.
“This is the first time we have a serviced residence located within a Raffles City development, a perfect combination to cater to our residents’ varied lifestyle needs. Besides acquiring new properties and managing properties for third party owners, CapitaLand’s mixed developments such as Raffles City is another platform for Ascott to rapidly grow our presence and allow us to service our customers better through our strong network of serviced residences in China. We are already working on opening our serviced residences within Raffles City Hangzhou and Raffles City Ningbo.”