CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has opened its first serviced residences in Hangzhou, China.

The 104-unit Citadines Intime City Hangzhou is homegrown Ascott's 35th property to operate in China, reinforcing Ascott's position as the largest international serviced residence owner-operator in China respectively.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "There are significant growth opportunities for serviced residences globally. We have opened two new properties in China and Germany which are key growth markets for Ascott. Indonesia and GCC also offer immense potential for serviced residences. As the capital city of Zhejiang Province, Hangzhou's foreign direct investment grew by an average of more than 9% annually in the last five years. Hangzhou also attracted more than 90 million business and leisure travellers in 2013. Having our first property in the city will enable us to capture the demand as we also prepare to open Ascott Raffles City Hangzhou in 2017."

Mr Lee added: "Globally, Ascott has about 60 properties to be opened over the next few years. We are proud to be a Singapore brand that is internationally recognised, and we will continue to plant the Singapore flag in key cities across the world."

About Citadines Intime City Hangzhou

Citadines Intime City Hangzhou is close to the city's three major business districts, and attractions such as the Westlake Scenic Area, Beijing-Hangzhou Grand Canal, Hangzhou Xixi National Wetland Park and Hangzhou Botanical Gardens are just a 25-minute drive away.

The serviced residence offers varied dining, shopping and entertainment options right at Intime City. A complete range of lifestyle amenities such as schools, supermarkets, banks and clinics are also within easy access. To connect to other major cities in China, the Hangzhou Railway Station and Hangzhou East Railway Station are within a 30-minute drive from the serviced residence.