The Ascott Group runs serviced residences. It is part of Singapore’s CapitaLand, one of the largest listed real estate firms in Asia. Now it will sell a golf course property to the Guangzhou Municipal People’s Government for RMB1 billion ($128.2 million) which will allow the Guangzhou-Wuhan railway to drive through.
The building assets and ancillary facilities of The Masters Golf & Country Club in Liwan District will all be acquired by the provincial government.
The golf club, developed in the mid 1990s, has an 18-hole course covering 934,498 square meters with a 64-bay driving range, a 6,000-square-meter club house and staff accommodation.
Cameron Wang, managing director and chief executive officer of The Ascott Group said the company, which currently has about 4,000 serviced apartments in eight cities, plans to increase its portfolio to 10,000 units in China by 2010. Our illustration gives some idea of the style of the residences.
Ascott operates three brands — Ascott, Somerset and Citadines — and is the largest international serviced residence owner-operator outside the United States.
Source: Shanghai Daily