The Ascott sets 80,000 unit target for 2020

George Sell By George Sell
08 September 2014 | Updated 30 January 2017

Singapore: The Ascott has doubled its target of serviced apartment units under management.

The company originally had a target of 40,000 units by 2015. This has now been raised to 80,000 by 2020. It currently operates more than 36,000 units in 86 cities across 24 countries.

Chief executive Lee Chee Koon  said: "Growing organically, every year we can add about 4,000. B 2020, we should be able to hit 60,000. But I'm setting a slightly more ambitious target for the team. I hope to be able to make it to 80,000 apartments."

"We need to work with strategic alliances. There are certain new markets we are exploring in the US and Africa, and even doing more in India. Some you may not be able to do it all alone. If you can find strong partners to work with, developers with certain types of hospitality assets that we can manage or part-invest, this will be a much faster way for us to grow."

Lee spoke about alliances with Chinese developers such as Yuexiu Property and Vanke China.

"Because we have done well, they are willing to work with us to manage their hospitality asset, whenever they have a mixed-development asset," he said.

The company has also announced its first franchise properties in Laos and Bali.

"Franchising is an opportunity for us to help third-party owners to manage their properties, by using our brand. It allows us to (have a presence in) second- and third-tier cities that we may not want to go into because it is more a leisure than corporate destination," said Alfred Ong, Ascott's managing director for Europe.

www.the-ascott.com

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