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Wednesday, 2 April 2014

CapitaLand's The Ascott buys serviced residence in Hong Kong

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CAPITALAND's wholly-owned serviced residence business unit, The Ascott Limited, has acquired an operating serviced residence in Hong Kong for HK$545 million (S$88.8 million) - PHOTO: BLOOMBERG

CAPITALAND's wholly-owned serviced residence business unit, The Ascott Limited, has acquired an operating serviced residence in Hong Kong for HK$545 million (S$88.8 million).

The 55-unit property will be rebranded as Citadines Mercer Hong Kong in the third quarter of 2014.

Located in Sheung Wan on Hong Kong Island, Citadines Mercer Hong Kong is next to the central business district, close to Soho and Lan Kwai Fong.

The serviced residence is only a minute walk to Sheung Wan Mass Transit Railway, a five-minute walk to Hong Kong- Macau Ferry Terminal and a 10-minute walk to the International Finance Centre where many multinational companies and financial institutions are based.

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