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CapitaLand’s wholly-owned serviced residence arm, The Ascott Limited, marked its first foray into Africa after it has been appointed to manage two properties in Ghana’s capital, Accra, which is one of the continent’s top cities for investment.
The two properties comprise the 40-unit Kwarleyz Residence and the 220-unit Ascott 1 Oxford Street Accra. The former will welcome its first clients in Q4 2018, while the latter will open in phases from 2019.
Situated in the Cantonments district, Kwarleyz Residence is surrounded by embassies and the headquarters of gold mining firms. It is a five-minute drive from the Kotoka International Airport and offers easy access to Tema Industrial City and the Marina Mall at Airport City.
The serviced residence has studios and one- to three-bedroom apartments. It also comes with a sky bar, roof garden, gymnasium, a breakfast lounge, outdoor swimming pool and parking lots.
Meanwhile, Ascott 1 Oxford Street Accra is located along Oxford Street in Osu, the business, entertainment and commercial hub of the capital. By car, it takes around 15 minutes to reach Kotoka International Airport, but it is a short walk from the business district and other amenities like banks, supermarkets, restaurants and entertainment outlets.
The units there, consisting of studio, as well as one- to three-bedroom apartments, will be spread across two towers, which will be among Accra’s tallest skyscrapers at a height of 230 ft. Facilities include a business centre, meeting rooms, residents’ lounge, gymnasium, breakfast lounge and outdoor swimming pool, along with a spa and sky bar.
“We are excited to close a record year of growth for Ascott with the successful addition of another continent, Africa, to our global footprint,” said its CEO Lee Chee Koon.
“Ascott added 18 new cities across nine countries and secured a record of over 21,000 units in 2017. This is not only twice the increase in 2016, but also Ascott’s largest ever portfolio expansion in a single year. As these properties progressively open and stabilise, we can expect more fee income contribution to Ascott annually. Ascott is set to surpass its target of 80,000 units well ahead of 2020 as we continue with this growth trajectory, expanding through strategic alliances, management contracts, franchises and investments.”
This article was edited by Keshia Faculin.
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