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CapitaLand’s wholly-owned serviced residence arm, The Ascott Limited, has secured over 10,000 apartment units in 51 properties this year, its highest increase in inventory in a single year.
“With these latest additions, Ascott has as at today over 52,000 units in our portfolio,” said Ascott’s chief executive officer Lee Chee Koon.
Ascott’s latest additions are 10 new management contracts in Hanoi and Halong City in Vietnam; Metro Manila and Cebu in the Philippines; Phnom Penh, Cambodia; Bangkok, Thailand. This comes after Ascott’s opening of Metropole Bangkok, Asia’s first unique luxury serviced residence under The Crest Collection.
Ascott noted that the 10 new properties are set to open between 2018 and 2023.
Lee also revealed that the company has opened 20 properties with over 3,700 units this year.
“As more property owners see the value of having Ascott manage their serviced residences, we are actively looking to expand through strategic alliances, management contracts, franchises, and also to seize acquisition opportunities,” said Lee.
“Seeking partnerships with new economy leaders will also be central to Ascott’s growth as we march towards our global target of 80,000 units by 2020.”
In fact, half of the 10,000 units secured this year are new contracts in Southeast Asia.
Vietnam is one of its best performing countries and biggest market in Southeast Asia with the most number of properties as the company seeks to achieve 7,000 units by 2020, said Ascott.
The company also sees huge untapped potential in Cambodia while Thailand is a popular destination for travellers.
In the Philippines, demand for serviced residences is set to rise as recent investments in services and infrastructure underpin the country’s economic growth.
“With growing urbanisation and industrialisation, Ascott will continue to increase its penetration in tier-two and regional cities in Southeast Asia,” it said in a release.
Image: Metropole Bangkok (Source: The Ascott Limited)
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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