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CapitaLand’s wholly-owned subsidiary The Ascott Limited (Ascott) has clinched four new contracts to manage more than 850 units of serviced residences in four Asian markets — Seoul, Malaysia, Indonesia and Vietnam.
In particular, Ascott will open its first Citadines-branded serviced residence in South Korea’s capital by Q1 2016. Once the 149-unit Citadines Han River Seoul is completed, it will have three properties in the country with a total of over 1,000 units.
In Indonesia, Ascott will launch the 308-unit Citadines Punaka Yogyakarta. Once it is ready, Ascott will have 12 serviced residences in the country with more than 2,600 units.
Ascott will also open a 200-unit serviced residence at Miri in Malaysia, a petroleum hub and shopping/dining destination frequented by travellers from nearby Brunei. Somerset Arcadia Miri marks the company’s 11th serviced residence in the country, strengthening its position as the largest provider of such properties there with over 2,300 units.
A 200-unit serviced residence will also be unveiled in Binh Duong, Vietnam. The property is strategically located in a province with 30 operating industrial parks employing 200,000 personnel. It is also one of the country’s top recipient of foreign direct investments (FDI). Once it is completed, the firm will have 15 properties in the nation totalling over 2,400 units.
The serviced residences in Seoul will open in 2016 while those in Indonesia, Malaysia and Vietnam are expected to open by 2018
Commenting on the expansion, Ascott’s CEO Mr Lee Chee Koon said: “This year, we have grown faster than before by extending Ascott’s footprint to five new cities and adding about 4,700 units to our global network, which is almost double the units secured in the same period last year.”
Ascott is now the world’s biggest serviced residence owner and operator with more than 42,000 units in 94 cities across 26 countries, after it recently achieved its global target of 40,000 serviced residence units ahead of schedule.
By 2020, the firm aims to own or manage 80,000 units globally, following its joint venture with Qatar Investment Authority to establish a US$600 million (S$844.98 million) global serviced residence fund, added Lee.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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