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Serviced residences form bulk of Ascott’s new signings in 2021

By Charlene Chin

/ EdgeProp Singapore |

January 12, 2022 3:20 PM SGT

New properties opened by Ascott last year included Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha) (Credit: CapitaLand)

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SINGAPORE (EDGEPROP) - The Ascott says it has secured 15,100 units across 72 properties globally last year, with serviced residences comprising the bulk of its new signings at over 60%.

Read also: CanningHill Piers chalks up 77% sales worth over $1.18 bil

In 2021, it launched over 8,200 units in 40 properties across 25 cities and 10 countries, more than double the units opened in 2020. New properties opened last year included Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha), and its first lyf-branded co-living property, lyf Mid-Town Hangzhou, in China.

“More than 80% of the new units secured in 2021 were under management and franchise contracts, in line with Ascott’s asset-light growth strategy,” says Kevin Goh, CapitaLand Investment’s CEO for lodging. Ascott is a wholly owned lodging business unit of CapitaLand Investment.

“We also opened a record number of units in 2021, readying ourselves for the recovery of travel in 2022. The newly signed and opened properties will be a welcome boost to our recurring fee income, as we build on this momentum to meet our target of 160,000 units globally by 2023,” he adds.

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