Ascott’s expansion crosses 50,000 units globally

SINGAPORE (Nov 15): The Ascott Limited, 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.

---

Related Stories

• CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
• CapitaLand, Keppel and Mapletree go asset-light and take flight with an interest rate tailwind
• Sole consortium of giant developers bid for Jurong Lake District master developer site

---