Oakwood, the serviced apartment operator, has unveiled plans for a major expansion in the Asia Pacific region.
The company, which is currently present in nine countries across the region, is planning to grow its Asia Pacific portfolio by more than 40% in the next two years. This will include a significant expansion of its key markets, such as China and Japan, and continued growth in new markets including Australia, Singapore, Malaysia and Vietnam.
“We are observing an increasingly mobile workforce and a heightened awareness of serviced apartments and its advantages over hotel rooms. Asia also presents great potential as it continues to be one of the key drivers of the global economy,” explained Dean Schreiber, manager director of Oakwood Asia Pacific.
The company currently operates three brands: Oakwood Premier, Oakwood Residence and Oakwood Apartments. And a fourth brand, Oakwood Studios, will be making its debut in Singapore in the fourth quarter this year. This new concept will be suited to major cities locations and will feature “tech-enabled spaces”.
In addition, an extension of the Oakwood Residence brand, Oakwood Hotel & Residence, will also make its debut later this year in Kuala Lumpur and Suzhou. These properties will allow guests to choose between hotel rooms and serviced apartments.
Oakwood says that expanding its presence in China is a “key priority”, especially in second and third tier cities. Overall, the company is planning to double its current inventory in the country over the next five years. Likewise, Oakwood is planning to bolster its already strong position in Japan, where its 10th property,
Oakwood Apartments Minami Azabu, is scheduled to open in Tokyo on 25 August 2016.