Ascott’s expansion crosses 50,000 units globally

SINGAPORE (Nov 15): The Ascott Ltd, CapitaLand’s wholly owned serviced residence business unit, has secured more than 10,000 apartment units across 51 properties this year, setting a new record.

Ascott’s latest additions are 10 new management contracts in Hanoi and Halong City in Vietnam; Phnom Penh, Cambodia; Bangkok, Thailand; Metro Manila and Cebu in the Philippines. This comes right after Ascott’s opening of Metropole Bangkok, Asia’s first unique luxury serviced residence under The Crest Collection. The new properties secured are slated to open between 2018 and 2023.

Lee Chee Koon, Ascott’s Chief Executive Officer, said Ascott opened 20 properties with more than 3,700 units this year alone. Of the 10,000 units secured this year, half are new contracts in Southeast Asia. The additional 10,000 units bring the company’s portfolio to more than 52,000 units globally. By 2020, the group plans to hit a global target of 80,000 units.

According to Ascott, Vietnam is one of its best performing countries and largest market in Southeast Asia with the most number of properties as the company seeks to achieve 7,000 units by 2020. Cambodia also presents huge untapped potential for Ascott while Thailand is a popular destination for travellers. Demand for serviced residences is set to rise in the Philippines as recent investments in infrastructure and services underpin its economic growth.

Shares of CapitaLand closed at S$3 on Tuesday. — theedgemarkets.com.sg