Singapore: The Ascott Limited has secured five contracts to manage more than 870 units in south-east Asia.
The new management contracts in Cebu and Pattaya mark the
company's entries in to those markets.
Ascott now has more than 1,600 units in eight serviced residences and 2,800 units across 16 properties respectively in The Philippines and Thailand.
Citadines Cebu City (180 units) is set to open in 2019 while the four new properties in Thailand - Citadines North Pattaya (300 units), Citadines Central Pattaya (150 units), Citadines Jomtien Beach Pattaya (95 units) and Somerset Wong Amat Beach Pattaya (150 units) - will open in 2018.
With 14 management contracts signed in south-east Asia this year, Ascott has added more than 2,700 serviced residence units in the region; more than triple the number of units added in the same region for the whole of 2014.
Lee Chee Koon, Ascott's CEO, said: "We have ramped up our expansion in south-east Asia as we see strong growth potential in the long-term. With more than 13,000 apartment units in 73 properties across eight countries in Southeast Asia, over 30 per cent of Ascott's global footprint is now concentrated in this fast-growing region. South-east Asia is shaping up to be one of the most vibrant and attractive markets for foreign investors - with a young population driving domestic demand, growing export figures and various economic policies in place to attract foreign capital. The upcoming ASEAN Economic Community will not only boost economic integration in the region, it will also transform Southeast Asia into an economic powerhouse with a population of more than 600 million."
Lee added: "Ascott has been expanding beyond the capital cities to other areas with significant growth opportunities for serviced residences. For instance, Cebu is the second major business capital in the Philippines after Manila while Pattaya is a major city in Thailand's Eastern Seaboard region with many multinational companies. Both are also popular tourist destinations. This year, we have also secured properties in Jakarta and Yogyakarta in Indonesia; Kota Kinabalu, Nusajaya and Miri in Malaysia; Bangkok and Sri Racha in Thailand as well as Binh Duong province and Ho Chi Minh City in Vietnam. Ascott is also present in the Southeast Asian cities of Yangon, Myanmar and Vientiane, Laos. We will continue to make inroads into new cities with strong growth potential and deepen our presence in the world's capital cities to achieve our target of 80,000 units globally by 2020."