Ascott to outpace 2015 growth with new properties in seven Asian cities

It’s bagged 5,000 units in H1 alone.

The Ascott Limited (Ascott), CapitaLand’s wholly owned serviced residence unit, is breaking its own records as it recently bagged seven new properties with 1,714 units across seven cities in Asia. This puts Ascott on track to outpace its own growth in 2015, having secured over 5,000 units in 26 properties in the first half of 2016 alone.

According to CapitaLand’s announcement, Ascott nabbed properties in Karawang in Indonesia; Putrajaya in Malaysia; Danang in Vietnam; Tokyo in Japan; and Changsha, Shanghai and Shaoxing in China.

“Ascott is set to continue this expansion momentum for the rest of the year to outperform 2015, which was our record year of growth with a total of 6,700 units added to our portfolio,” said Lee Chee Koon, Ascott’s Chief Executive Officer.

He added: “This year, we have added more than 5,000 units in 26 properties, 22 of which are in Asia, while the remaining properties are in New York, London and Al Khobar in the Middle East. The addition of these seven management contracts will further boost our income from management fees.”

Southeast Asia remains Ascott’s fastest growing market and second largest globally after China where it has the most number of properties.

The 124-unit Somerset Ginza East Tokyo is poised to open in July 2016 while the 135-unit Citadines Festive Walk Karawang, 550-unit Citadines Blue Cove Danang, 180-unit Citadines Xingsha Changsha and 250-unit Citadines Keqiao Shaoxing is scheduled to open in 2018.

Meanwhile, the 200-unit Somerset West Hongqiao Shanghai will welcome its first guests in 2019 while the 275-unit Somerset Putrajaya is slated to open in 2020.

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