Ascott wins contracts to manage 4 properties in Southeast Asia; sets 160,000-unit target for 2023
By Michelle Zhu
/ The Edge Singapore |
SINGAPORE (Jan 29): CapitaLand says its serviced residence business unit, The Ascott, has won contracts to manage four properties with 1,200 units across Malaysia, the Philippines and China.
Under the contracts, Ascott has entered new investment destinations Malacca and Davao in Malaysia and the Philippines, respectively. It will also be increasing its presence in Guangzhou, China, while opening its fifth property under the lyf brand in Cebu, the Philippines.
In a press release on Monday, Ascott says it is ramping up its expansion with a target to double its portfolio to 160,000 units globally by 2023.
The new contracts boosts Ascott’s properties under management worldwide to over 160, with about 30,000 units under development. Out of these, 35 properties with more than 6,500 units are scheduled to open this year, half of which are in China, and a quarter in Southeast Asia.
The new management contracts have increased Ascott’s portfolio in Southeast Asia to about 23,000 units in 111 properties across 34 cities.
Its newly-secured properties in Guangzhou has also strengthened Ascott’s foothold in China with over 20,000 units in about 110 properties across 31 cities.
"Besides accelerating our growth through management contracts, which currently make up 60% of our portfolio, we will continue to seek opportunities for strategic investments in strong operating businesses that will widen our customer reach and give us a competitive edge. We will also grow our franchise business, particularly through our Citadines and Quest brands, and form strategic alliances with leading companies that have a pipeline of properties for us to manage,” says, Kevin Goh, CEO of Ascott.
“We will focus on key gateway cities in our two biggest markets, China and Southeast Asia, as well as markets such as Australia, Europe, Japan, South Korea and the U.S. Expanding our global network will allow us to leverage greater economies of scale and strengthen our earnings. To position Ascott for the future, we will harness digital innovation and technology to enhance customer experience,” he adds.
This article, written by Michelle Zhu, first appeared on The Edge Singapore.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Search Articles