The Ascott Limited, a wholly-owned serviced apartment business unit of CapitaLand, has secured a contract from China Overseas Property to manage its Macau project.
The project, to be named Ascott Paragon Macau, will become Ascott’s maiden project in Macau.
“As the first international serviced residence brand in Macau, Ascott Paragon Macau will set the benchmark and will be well positioned to cater to the demand for quality serviced residences in the market,” said Lim Ming Yan, Chief Executive of Ascott.
Ascott Paragon Macau is expected to open in 2014. It is located within Macau’s Dynasty District, which is a retail and international business hub in the heart of Macau. The district is home to luxury residences, major shopping malls and premier Grade A office spaces.
When completed, Ascott Paragon Macau is expected to offer around 100 apartments that feature fully equipped kitchens. It will also provide various facilities, such as a swimming pool, business centre, gymnasium and residents’ lounge.