CapitaLand's wholly-owned serviced residence business unit, The Ascott, has secured contracts to manage three more properties with over 300 apartment units in Beijing and Hong Kong. Ascott has over 12,900 apartment units in 72 properties across 23 cities in the mainland.

Ascott is securing the 208-unit Citadines Fangshan Beijing and 70-unit Changyang World Serviced Residence Beijing through its strategic alliance formed with Vanke last year. Vanke is one of the largest property developers in China and the two properties in Beijing are slated to open in 2018. Ascott also plans to open its fifth property in Hong Kong - the 92-unit Hotel Pravo Hong Kong in March 2015.

Kevin Goh, Ascott's managing director for North Asia, said: "Ascott has been growing rapidly in China at an annual growth rate of 25% in 2014. Through management contracts, investments and strategic alliances, we have more than doubled the number of apartment units in China within five years, and built a stronghold in the country with the largest market share. Last quarter alone, we secured five serviced residences with over 1,000 apartment units in four cities. The three new properties will bring us closer to Ascott's target of 20,000 apartment units in China by 2020."

Goh added: "Forming strategic alliances with good partners is one of the key strategies for us to expand Ascott's presence. With the addition of the two properties in Beijing, Ascott will manage a total of six properties with over 900 apartment units for Vanke in China. Ascott's strong track record in adding value to both our properties and customer experiences will continue to appeal to real estate owners in China looking for partnership opportunities."