Ascott acquires serviced residence in Hong Kong for HK$462.3 million
Singapore, 1 August 2013 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has acquired an operating serviced residence in Hong Kong for HK$462.3 million (approximately S$75.5 million). The property will be leased back to the seller or its nominated entity for two years. At the end of the lease in 2015, the property will be reconfigured and rebranded by Ascott.
The serviced residence has a prime location at No.138 Connaught Road West in Hong Kong Island which overlooks the Victoria Harbour. It is a five-minute walk to the new Sai Ying Pun Mass Transit Railway station that will be operational in