,Singapore

Ascott hits record with 15,100 units signed in 2021

It also reached the highest-ever property openings of 8,200 units. 

Ascott Limited, a wholly-owned subsidiary of CapitaLand Investment Limited (CLI), achieved a record growth of 15,100 units signed in 2021 across 72 properties.

This performance marks a five-year streak. Serviced residents were Ascott’s main source of growth, with the sector composing at least 60% of the new signings. 

“In 2021, Ascott continued with our strong growth trajectory despite COVID-19. Our record signings for the fifth consecutive year anchors Ascott’s market-leading position as an international lodging operator. 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,” said Kevin Goh, CLI CEO for Lodging. 

The group also ended 2021 with its highest-ever property launches with over 8,200 units in 40 properties across 25 cities and 10 countries. Compared to 2020’s performance, this is more than double the units opening during the same period. Properties included in this number include Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha), and its first lyf-branded coliving property, lyf Mid-Town Hangzhou, in China.

“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,” commented Goh.

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