CapitaLand's Ascott wins deal to manage serviced residence in Macau

SINGAPORE, April 18 (Reuters) - Southeast Asia's largest property developer CapitaLand said on Monday its serviced residence arm, the Ascott Limited, has won a contract to manage a brand of serviced apartments in Macau.


The serviced residence, which will be named Ascott Paragon Macau and will open in 2014, marks Ascott's first foray into Macau, it said in a statement.

"With the high rate of growth in China, we expect more expatriates and business travellers to Macau as more international companies," said Lim Ming Yan, Ascott's chief executive officer.

Ascott has about 6,600 apartment units in 36 properties across 16 cities