Ascott reaches 35,000 unit milestone

George Sell By George Sell
24 June 2014 | Updated 30 January 2017

Singapore: Ascott has reached 35,000 apartments globally as it signs up to operate more than 900 new apartments in China.

The properties are located in Taiyuan, Beijing, Shanghai and Dalian. The 170-unit Ascott Taiyuan is set to open in 2018, the 195-unit Ascott Riverside Garden Beijing and 342-unit Somerset Sunland Shanghai are both scheduled to open in 2016, and an operating property in Dalian has been rebranded as the 195-unit Somerset Grand Central Dalian.

Lee Chee Koon, Ascott's chief executive officer, said: "As we celebrate Ascott's 30th anniversary this year, we have made significant progress to grow our business and crossed a milestone of more than 35,000 apartment units globally. Besides acquiring a prime property in Hong Kong, we have clinched management contracts for eight more properties in Yangon, Wuhan, Taiyuan, Beijing, Shanghai and Dalian. We have also formed a strategic alliance with Vanke to drive Ascott's growth in China and recently secured our first franchise agreements in Vientiane in Laos and Bali in Indonesia."

"In 2014, we have so far added 2,020 apartment units to Ascott's portfolio and are on track to achieving our target of 40,000 apartment units globally by 2015. We will continue to seek investment opportunities in key markets where we have presence like Singapore, China, India, capital cities in Southeast Asia, Paris, London and key cities in Germany. We will also continue to expand Ascott's presence through management contracts, strategic alliances and franchises which will be another of our key growth driver," he added.

Mr Kevin Goh, Ascott's managing director for North Asia, said: "China is one of Ascott's fastest growing markets and we are pleased to establish our presence in the city of Taiyuan and near the China (Shanghai) Pilot Free Trade Zone (CSPFTZ). Taiyuan, the capital city of Shanxi province, is one of the most famous ancient cities in China and is well known for its vast natural resources. Our first serviced residence in Taiyuan will cater to the strong demand from the local business community and executives on project assignments particularly from the mining sector. We also see great potential in the CSPFTZ where favourable policies have already attracted many multinational companies to establish their presence there. This will drive significant demand for quality accommodation in the area. This year, besides two properties that have opened in Suzhou and Dalian, 10 more properties are slated to open by end of this year. We are confident of achieving our goal of 12,000 apartment units in China by 2015."

www.the-ascott.com

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