Ascott wins contracts to manage 4 properties in Southeast Asia; sets 160,000-unit target for 2023

SINGAPORE (Jan 29): CapitaLand says its serviced residence business unit, The Ascott, has won contracts to manage four properties with 1,200 units across Malaysia, the Philippines and China.

Under the contracts, Ascott has entered new investment destinations Malacca and Davao in Malaysia and the Philippines, respectively. It will also be increasing its presence in Guangzhou, China, while opening its fifth property under the lyf brand in Cebu, the Philippines.

In a press release on Monday, Ascott says it is ramping up its expansion with a target to double its portfolio to 160,000 units globally by 2023.

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