Ascott Expands Further in Southeast Asia

The Ascott, the serviced residences business unit wholly owned by the Singapore home-based CapitaLand, has secured seven new management contracts across seven cities in Asia. These include three in ASEAN countries—Karawang in Indonesia, Putrajaya in Malaysia, and Danang in Vietnam—while Ascott will be also present in Tokyo, as well as Changsha, Shanghai, and Shaoxing in China. The Ascott is already present in Danang.

Lee Chee Koon, Chief Executive Officer of The Ascott Limited, commented, “The addition of these seven management contracts will boost our income from management fees. With a strong reputation built for our award-winning brands and the value we provide to property owners through our expertise in design, operations, global sales and marketing, as well as our experience in managing properties worldwide, we are confident of achieving our target of 80,000 units globally by 2020.”

Earlier this year, the company already signed on to manage new units in Bangkok, Hanoi, and Petaling Jaya. It also signed to have its first ever services residences in four Southeast Asian cities, namely Nha Trang in Vietnam, Penang and Shah Alam in Malaysia, and Bandung in Indonesia. “Southeast Asia is Ascott’s fastest growing market and second largest globally after China,” added Lee Chee Koon, Ascott’s CEO. “Currently, about 40% of our apartment units under development globally are concentrated in ASEAN.”

The newly signed contracts will strengthen Ascott’s presence in existing markets, such as Danang, Changsha, Shanghai and Tokyo, as well as introduce the brand name to two new cities in Asia.