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April 7, 2015

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Home » Business » Real Estate Special

Low-profile luxury located in the heart of town

By Cherry Cao | April 7, 2015, Tuesday | Print Edition

Not many international branded serviced residences in Shanghai can boast a truly privileged city center address where low-profile luxury and convenience of daily life perfectly coexist. In meeting these dual objectives, the newly opened Ascott Heng Shan Shanghai is one of those “second homes” that you don’t want to miss.

Located on tree-lined Hengshan Road, an exclusive and historical neighborhood in the downtown Xujiahui area, the 90-unit property will be the second Ascott-branded serviced residence in Shanghai.

“This property, through its prestigious location and elegant design, is more like a private residence that offers an urban retreat for those working and living away from their homes,” said Daisy Wang, area general manager of east China, Ascott.

“With more spacious units and ancillary facilities within the property, Ascott Heng Shan Shanghai is a perfect addition to Ascott’s local portfolio and is particularly suitable for meeting the needs of families with children,” she added.

Featuring luxurious one to three-bedroom apartments, ranging from 119 to 276 square meters in size, Ascott Heng Shan Shanghai rental rates range from 35,000 yuan to around 100,000 yuan (US$4,800 to US$16,000) per month.

Guests can make use of spacious living and dining areas, a fully-equipped kitchen, a state-of-the-art family entertainment system as well as a floor-heating system.

To ease away the stresses of work and everyday life, guests can work out in the gym, swim a few lengths of the indoor heated pool, stretch tight muscles in the yoga room or simply relax in the club house or the video room with families and friends.

Little ones are not forgotten either as there’s a designated play area for kids — a welcome option for parents when the weather puts a damper on outdoor activities.

A highly-acclaimed hospitality brand Ascott is renowned for its class-leading services. Ascott Heng Shan is expected to continue the success story of its sister property near downtown Xintiandi.

The 308-unit Ascott Huai Hai Road Shanghai last year saw its total revenue increase by more than 25 percent on its opening year.

“We expect occupancy at Ascott Heng Shan to reach 70 percent three months after opening and then move up to 100 percent,” Wang said.

Ascott started from a single luxury property in Singapore in 1984, going on to become the world’s largest serviced residence company, with more than 37,000 serviced units in some 80 cities spanning more than 20 countries across Asia Pacific, Europe and the Gulf region.

Ascott operates three distinctive brands, the title brand, Citadines and Somerset.

The company announced last year an ambitious expansion plan to double its global portfolio by 2020, hoping to capitalize on robust demand from China as well as other parts of the world.

“In east China alone, where Ascott has eight operating properties with another four secured in the development pipeline, our plan is to add another 1,000 units in the coming year, mainly through management contracts,” Wang said.

In Shanghai, where the company now operates four properties covering its three brands, a fifth with a capacity of nearly 400 units is scheduled to open next year under the Somerset brand in the city’s Waigaoqiao area.

While a prestigious location serves an indisputable advantage for Ascott properties around the world which target top executives and industry leaders, what distinguishes the brand is its high-quality, detail-focused service.

The Ascott Host, launched several years ago, is one of those services that brings a homey feeling to guests which helps win and retain customers.

For instance, long-stay guests (staying for at least one month) will find a welcome basket filled with enough food for 24 hours when they move into an Ascott property — a welcome sight for new arrivals in an unfamiliar place.

Already the largest international serviced residence owner-operator in China, Ascott, the wholly-owned subsidiary of Singapore’s CapitaLand Ltd, one of Asia’s largest real estate developers, said it will stay alert to challenges that the whole industry is encountering, including reduced accommodation budgets for multinational companies, as well as growing operating costs.

“It is important to break some traditional mindsets that our target customers are only confined to expatriate executives from multinational companies,” said Wang, a hospitality veteran of more than 20 years.

“Demand for high-quality serviced residence will continue to remain robust in the country over the coming years and we will keep our growth pace if we can dig the market deeper and introduce the right brand to the right market,” she added.

Real Estate Special


 

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