Ascott is adding 22 new properties in Asia including three in Southeast Asia. A growth due to strong demand on the continent. During the first six months of 2016, the chain -which is a serviced residence business unit wholly owned by CapitaLand of Singapore- opened over 5,000 units, a number close to its activity for the entire year 2015. Seven new properties across Asia have been secured representing 1,714 units.
Among these are three properties in Southeast Asia: Karawang in Indonesia; Putrajaya in Malaysia and Danang in Vietnam; outside ASEAN, Ascott is due to be present in Tokyo and in Changsha, Shanghai and Shaoxing in China. Ascott is poised to outpace its growth in 2015, as the world’s largest international serviced residence owner-operator.
Lee Chee Koon, Ascott’s Chief Executive Officer, declared: “Ascott is set to continue its expansion and outperform 2015, which was our record year of growth with a total of 6,700 units added to our portfolio. We are able to scale up quickly because of the strong alliances with global partners, as well as industry leaders from land owners to property developers, construction firms, online platforms and tech companies; all of whom recognise Ascott’s expertise and strength as a global serviced residence leader. The upcoming Citadines Blue Cove Danang is also testament to our local partner’s confidence in Ascott as it will be Vietnam’s largest serviced residence and our largest property globally with 550 units.
“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”, he added.
Southeast Asia remains Ascott’s fastest growing market and second largest globally after China where it has the most number of properties. Ascott is to bring its award-winning brands to two new cities in Asia. Karawang in West Java is one of the fastest growing industrial hubs, home to the manufacturing facilities of many Japanese automotive, electronics and consumer brands while Putrajaya serves as the federal administrative centre of Malaysia. Danang is fast developing into Vietnam new international gateway city, with various large-scale infrastructure projects to improve accessibility to surrounding hi-tech parks and drive tourism.
The 135-unit Citadines Festive Walk Karawang, the 550-unit Citadines Blue Cove Danang are both due to open in 2018 while the 275-unit Somerset Putrajaya is expected to open in 2020.
Citadines Festive Walk Karawang (opening in 2018)
Citadines Festive Walk Karawang will be the first international brand of serviced residence to offer quality accommodation to expatriates and business travellers working in the heart of Karawang, home to major industrial estates as well as manufacturing and logistics facilities of international companies – Yamaha, Daihatsu and Toyota to name a few. Adjoining Citadines Festive Walk Karawang is a retail podium with a department store, cinema, and food and beverage outlets. The serviced residence is surrounded by shopping plazas, business parks, a hospital and a golf course. The property offers 135 units and reinforces Ascott’s position as the largest international serviced residence owner-operator in Indonesia with close to 3,000 apartment units across 14 properties in Jakarta, Bali, Bandung, Karawang, Surabaya and Yogyakarta.
Citadines Blue Cove Danang (opening in 2018)
The 550-unit Citadines Blue Cove Danang is located within Son Tra Peninsula, offering views of Danang Bay. Situated within a 100-hectare urban development project by the government, the property is a 10-minute drive from Danang International Airport and is directly connected to the main industrial areas such as Hoa Khanh and Dien Nam – Dien Ngoc. The serviced residence will be part of an integrated development that also comprises a three-storey retail podium and rooftop bar. The new property completes the Somerset Danang Bay, which is due to open in 2017. Ascott’s presence in Vietnam comprises more than 3,500 units in 18 properties in Hanoi, Ho Chi Minh City, Hai Phong, Danang, Nha Trang and Binh Duong.
Somerset Putrajaya (opening in 2020)
Somerset Putrajaya is Ascott’s first property in Malaysia administrative capital. The serviced residence is part of an integrated development which includes corporate headquarters, two floors of retail outlets and a convention centre. It is also located close to several local government offices and malls. The serviced residence will have 275 units . With this addition, Ascott will strengthen its pole position as the largest international serviced residence owner-operator in Malaysia with more than 3,000 units across 15 properties in 10 cities – Kuala Lumpur, Kuching, Kota Kinabalu, Cyberjaya, Miri, Nusajaya, Penang, Petaling Jaya, Putrajaya and Shah Alam.