The boost came after it scored contracts for another 26 properties.
CapitaLand’s wholly owned residence business arm The Ascott clinched contracts for another 26 properties comprising over 4,600 units which boosts its overall portfolio to over 100,000 units globally, an announcement revealed.
Ascott entered the Netherlands market with the signing of Citadines Sloterdijk Station Amsterdam which is a franchised property in the city. It also expanded its presence in China, Indonesia, India, Philippines, Singapore, Thailand, Turkey, Vietnam, UK and United Arab Emirates (UAE). The latest round of contracts marked the second consecutive year of record growth for the firm with the addition of over 30,000 units in 2018.
In Singapore, Ascott secured the Ji Hotel Orchard Singapore which is slated to open in 2019. The 81-room property is located along Penang Lane and is surrounded by retail, leisure and dining options as well as commercial towers and cultural attractions.
“Ascott’s fee income will increase exponentially as we continue to go on this accelerated growth path to open more new properties,” Ascott’s CEO Kevin Goh said in a statement. “These various engines of growth will place Ascott in a prime position to achieve our target of 160,000 units worldwide by 2023.”
Of the 26 newly secured properties, four Citadines developments which includes Citadines Ritan Beijing, Citadines Gubei Shanghai, Citadines Pudong International Expo Shanghai and Citadines Xujiahui Shanghai were secured under the firm’s alliance with Chinese hotel operator Huazhu Hotels Group and its subsidiary CJIA Apartments Group, Ascott revealed.
Likewise, Ascott partnered with MCC Real Estate Group which is a subsidiary of Chinese state-owned enterprise China Metallurgical Group Corporation (MCC) to manage two Citadines properties in Hangzhou, whilst its alliance with property developer Vanke will see Ascott managing two properties in Chengdu.
The firm will also make its debut in Thailand with Citadines City Center Rayong which will cater to the corporate market in Map Ta Phut which is considered as Thailand’s largest industrial estate when it opens in 2024, the firm highlighted. Ascott will also make its maiden entry into Goa, India with Citadines Calangute Goa and Citadines Candolim Goa which are expected to open in 2021 and 2022, respectively.
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