It is adding management and lease agreements to 14 properties in the three countries and Indonesia.
CapitaLand’s serviced residence business unit, The Ascott Limited (Ascott), is forming strategic partnerships with developers in China, Japan, and Thailand to manage apartments currently under development as well as future projects by these companies, it said in an announcement.
In China, Ascott has partnered specialty township developer, Riverside Group, to launch serviced residences in Zhejiang, Chongqing, and future riverside themed towns in other key cities. “This strategic partnership will start with two serviced residences with a total of 350 units in Zhejiang and Chongqing. It follows Ascott’s contract with Riverside Group to manage the 190-unit Ascott Riverside Garden Beijing which opened in November last year,” it said.
Meanwhile, in Japan, Ascott signed to cooperate with the listed Japanese real estate company, NTT Urban Development Corporation, to jointly explore serviced residence opportunities in Japan. The company is currently working on two projects in Fukuoka and Yokohama.
Thailand developer Ananda Development, has expanded into the serviced residence business through its strategic alliance with Ascott. “The first four properties under the collaboration – Somerset Rama 9 Bangkok, Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok, and one more property in Sukhumvit 8 – will offer close to 1,500 apartment units in Bangkok when they open between 2020 and 2021,” Ascott added.
In addition to the 1,607 units that expanded its portfolio in January and February, Ascott is adding management and lease agreements for another 14 properties with about 3,400 apartment units across 10 cities in China, Japan, Thailand, and Indonesia this quarter. “This includes a lease agreement with department store chain, Takashimaya Company Limited, to operate the first Citadines Apart’hotel in Osaka,” it said.
Ascott noted that it will enter Dongguan and Huizhou in China’s Greater Bay Area through the properties that will be opened from this year to 2021.
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