Ascott revealed that it has secured seven new properties in seven different cities throughout Asia. There will be three new properties in China as well as ones in Japan, Vietnam and Malaysia.
A total 1,714 units will be added to the company’s portfolio once the seven properties are open. Ascott told local media outlets that it is likely to surpass last year’s growth. Ascott has already announced plans for 26 new properties containing a total of 5,000 units during the first half of the year.
“We are able to scale up quickly because of the strong alliances with global partners, as well as industry leaders, from landowners 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,” Ascott chief executive Lee Chee Koon explained to the media.
China has the largest number of Ascott-branded properties while Southeast Asia is the company’s fastest growing market. The new Asean properties will be located in Karawang, Indonesia; Putrajaya, Malaysia; Danang, Vietnam; and Tokyo, Japan. The serviced residences in China will be located in Changsha, Shanghai and Shaoxing.
“The addition of these seven management contracts will further boost our income from management fees,” Lee stated.” 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.”
The first project to open will be the 124-unit Somerset Ginza East Tokyo which will welcome guests for the first time in July. The 135-unit Citadines Festive Walk Karawang (imaged), the 550-unit Citadines Blue Cove Danang and two of the Chinese properties are scheduled to open sometime in 2018. The Shanghai property will begin operations in 2019 and Somerset Putrajaya is expected to come online in 2020.
