Ascott Continues Expansion in China with Three Contracts in Shanghai and Suzhou

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded contracts to manage three more properties with more than 500 apartment units in China. The 90-unit Ascott Heng Shan Shanghai, 250-unit Ascott Emerald City Suzhou and 194-unit Somerset Baitang Suzhou are scheduled to open in 2014, 2015 and 2017, respectively. These new contracts reinforce Ascott's leadership position as the largest international serviced residence owner-operator in China, with over 8,000 apartment units in 46 properties across 17 cities.

Mr Lee Chee Koon, Ascott's Deputy Chief Executive Officer and Managing Director for North Asia, said: "Strong foreign direct investment and growth in tourism and domestic travel continue to drive demand for quality accommodation in China. Shanghai is a renowned financial and shipping centre. The metropolis is also reshaping itself as a top tourist destination with several projects, including the Shanghai Disney Resort, to attract more visitors. Suzhou, besides being a well-known tourist destination, is a thriving manufacturing, IT and R&D hub. Its Gross Domestic Product is second only to Shanghai in the East China region."

Mr Lee added: "With the latest additions, we now have more than 10 serviced residences in Shanghai and Suzhou. Deepening our presence in these two cities enables us to better tap the fast-growing demand for serviced residences and build economies of scale in our operations."

About Ascott Heng Shan Shanghai, Ascott Emerald City Suzhou and Somerset Baitang Suzhou

Ascott Heng Shan Shanghai is located in the heart of the Xuhui District, close to foreign consulates, the Xujiahui Commercial Center and key commercial and shopping areas along Nanjing Road and Huaihai Road. It is also near the offices of major multinational corporations as well as many popular restaurants and pubs along Hengshan Road. Travellers will enjoy convenient access to various destinations in Shanghai and other cities in China as Ascott Heng Shan Shanghai is right next to the Metro Line 1 station and is near the Shanghai Railway Station. They can choose from elegant one- to three-bedroom apartments to suit their lifestyle needs.

Ascott Emerald City Suzhou has a strategic location in the Suzhou New District (SND) where more than 2,000 multinational corporations from various industries such as consumer electronics, IT, biotechnology and pharmaceuticals have set up operations. The serviced residence is part of The Emerald City, an integrated development comprising retail outlets, offices, restaurants, leisure facilities and a supermarket. Within walking distance are the SND Financial Banking Street and Metro Line 1 station, while the Suzhou Train Station is just a 10-minute drive from the property. Ascott Emerald City Suzhou will offer a wide range of studios, one-, two- and three-bedroom units, as well as penthouses.

Somerset Baitang Suzhou is centrally located in the Suzhou Industrial Park, adjacent to the Jinji Lake East Central Business District. It is surrounded by the offices of government departments such as the Suzhou Industrial Park Administrative Committee and Property Rights Trading Center, as well as the Suzhou branch office of several financial institutions including the Bank of China, Industrial and Commercial Bank of China and China Merchants Bank. Residents can relax at the Baitang Botanical Garden, enjoy shopping at the nearby Times Square, Shin Kong Mitsukoshi Department Store and Eslite Bookstore as well as travel around the city via Metro Line 1.

The three serviced residences will provide comprehensive facilities including a swimming pool, sauna, spa, gymnasium, business centre, meeting room, breakfast lounge and children's play area.

About The Ascott Limited

The Ascott Limited (http://www.the-ascott.com/) is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 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 30,000 units.

The company operates three brands – Ascott, Citadines (http://www.citadines.com/) and Somerset (http://www.somerset.com/). Its portfolio spans over 70 cities across more than 20 countries, 14 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

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. 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.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2012 for 'Best Serviced Apartment', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', TTG China Travel Awards 2012 for 'Best Serviced Residence Operator in China', Business Traveller Asia-Pacific Awards 2012 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2012 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.