Ascott bullish about prospects
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Serviced residence player Ascott is still bullish about prospects as it gets ready to open Ascott Singapore Raffles Place, in October, and Citadines Singapore Mount Sophia next year.
“Our residences are still seeing close to full occupancy rates, so I’m not too concerned about demand right now,” Gerald Lee, Deputy Chief Executive Officer for operations at the Ascott Group was quoted saying in the TODAY newspaper.
“The bulk of our customers are business travellers, who are less price sensitive than leisure travellers, so we’re able to weather any slowdown in hospitality industry better than hotels,” he said.
With the two new properties, its Singapore portfolio will reach 900 units in seven properties, and 33 units of heritage bungalows. The report said the group has been actively acquiring and opening properties worldwide, opening seven properties in six months in the year-to-date.
“Travellers are becoming more sophisticated and demanding. This trend is not just seen in major cities, but also in secondary cities where there is rising business traffic,” said Lee.
The report added that another player, Frasers Hospitality, had also announced its plans to grow its portfolio by 5,000 units in the next two years, focusing on China, India and Vietnam.
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