Ascott portfolio reaches 50,000 units

George Sell By George Sell
16 November 2016 | Updated 16 November 2016

Singapore: Ascott has secured more than 10,000 apartment units in 51 properties this year bringing its portfolio to 52,000 units globally.

Ascott's latest additions are 10 new management contracts in Hanoi and Halong City in Vietnam; Phnom Penh, Cambodia; Bangkok, Thailand; Metro Manila and Cebu in the Philippines.

Lee Chee Koon, Ascott's CEO, said: "With these latest additions, Ascott has as at today over 52,000 units in our portfolio. We secured a record over 10,000 units in 2016, making this Ascott's highest increase in inventory count in a single year. Of these new units, 90 percent are located in gateway cities across the Asia Pacific and the Middle East, including countries such as China, India, Indonesia, Japan, Malaysia, Singapore, Vietnam and Saudi Arabia. This year, Ascott has also opened 20 properties with more than 3,700 units, our fastest pace ever. As more of the newly signed properties come into operation, we can expect a further boost to our management fee income."

"As more property owners see the value of having Ascott manage their serviced residences, we are actively looking to expand through strategic alliances, management contracts, franchises, and also to seize acquisition opportunities. Seeking partnerships with new economy leaders will also be central to Ascott's growth as we march towards our global target of 80,000 units by 2020. Such partnerships have given us significant first-mover advantage to establish a strong presence online to complement our offline expertise in managing properties. For example, our sales on Singles' Day through our partnership with Fliggy (Alitrip) went up six times last Friday, our highest number of room nights booked online in a single day in China," he added.

The 10 new properties are scheduled to open between 2018 and 2023. A first in Halong City, Citadines Marina Halong, will open in 2020 while Pentstudio in Hanoi will receive guests from 2018. Somerset Meridian Square Phnom Penh and The Park at EM District in Bangkok are both scheduled to open in 2019. In the Philippines, Citadines Manila Bay will open in 2018 while Somerset Valero Makati is set to be operational in 2020. Three properties - Somerset Place Salcedo, Somerset Gorordo Cebu and Citadines Greenhills Manila - are expected to open in 2021 and Citadines Benavidez Makati will welcome its first guests in 2023.

Be in the know.

Subscribe to our newsletter »

Our Events

Subscribe to our Newsletter »