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CapitaLand Limited’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), announced Thursday (4 June) that it has achieved its target of 40,000 apartment units globally.
This is ahead of its planned schedule of end-2015.
Ascott has secured 10 new contracts in May and added a total of 18 properties in China, Indonesia, Malaysia, Thailand, Turkey, Vietnam, Oman and the UAE,increasing its portfolio by over 2,000 units to more than 41,000 units. This cements Ascott’s position as the world’s largest international serviced residence owner and operator with 270 properties across 91 cities and 25 countries.
The company’s next goal is to double its portfolio to 80,000 units by 2020.
“Ascott has been expanding aggressively to achieve our milestone of 40,000 units globally ahead of schedule,” said Ascott CEO Lee Chee Koon. “To double our portfolio… our strategy is to expand through investments, management contracts, strategic alliances and franchises.”
“As we seek to deepen Ascott’s presence in key cities in Asia Pacific, Europe and the Gulf region, we will take advantage of economies of scale across our global footprint to reap operational efficiencies, cost savings as well as international sales and marketing benefits,” he added.
Lee said China will be the firm’s biggest market where there are 20,000 units expected to be added by 2020.
“In addition to expatriates, our serviced residences are seeing an increasing number of domestic customers who are travelling within the first- and second-tier cities for project assignments or leisure, and we expect this trend to continue,” he said.
Image: Artist’s impression of Ascott Harmony City Nantong (Source: Ascott)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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