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CapitaLand’s fully owned serviced residence business unit, The Ascott Limited (Ascott), has unveiled plans to double its global portfolio to 160,000 units by 2023.
Ascott bagged contracts to manage four properties with 1,200 units across Malacca, Malaysia and Davao, Philippines.
Its biggest property to date, Ascott’s Somerset property in Malacca will benefit from an upcoming economic zone and seaport, while its foray in Davao will anchor the company in the third fastest-growing economy in the Philippines.
Ascott will also deepen its presence in Guangzhou, China while opening its fifth property under the lyf brand in Cebu, Philippines.
“To position Ascott for the future, we will harness digital innovation and technology to enhance customer experience. For instance, our co-living brand, lyf, targeted at the millennials will provide guests with a complete digital experience,” said Ascott CEO Kevin Goh.
In a release, Ascott noted that the new management contracts increased its portfolio in Southeast Asia to around 23,000 units across 111 properties in 34 cities.
“Besides accelerating our growth through management contracts, which currently make up 60 percent of our portfolio, we will continue to seek opportunities for strategic investments in strong operating businesses that will widen our customer reach and give us a competitive edge,” said Goh.
To date, Ascott has over 160 properties with around 30,000 units under development worldwide.
This article was edited by Keshia Faculin.
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