Asian expansion helps Ascott speed past inventory milestone

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Ascott has accelerated its growth this year, securing more than 10,000 apartment units in 51 properties and taking its total global inventory to more than 52,000 serviced apartment units.

The Singapore-based company’s expansion is being driven by Asia, with 10 new management contracts having recently been signed in Vietnam, Cambodia, Thailand and the Philippines.

The Park at EM District, Bangkok, will open in 2019
The Park at EM District, Bangkok, will open in 2019

“With these latest additions, Ascott has as at today over 52,000 units in our portfolio. We secured a record over 10,000 units in 2016, making this Ascott’s highest increase in inventory count in a single year,” said Lee Chee Koon, Ascott’s CEO.

“Of these new units, 90% are located in gateway cities across the Asia Pacific and the Middle East, including countries such as China, India, Indonesia, Japan, Malaysia, Singapore, Vietnam and Saudi Arabia.

“This year, Ascott has also opened 20 properties with more than 3,700 units, our fastest pace ever. As more of the newly signed properties come into operation, we can expect a further boost to our management fee income,” he added.

The 10 latest properties signed by Ascott are due to open between 2018 and 2023. In Vietnam, Citadines Marina Halong will open in 2020 while the Pentstudio in Hanoi (pictured top) will welcome its first guests in 2018, and in Cambodia the Somerset Meridian Square Phnom Penh will open in 2019. Also that year, The Park at EM District will launch in Bangkok.

In the Philippines, Citadines Manila Bay will open in 2018 while Somerset Valero Makati is set to be operational in 2020. Three properties – Somerset Place Salcedo, Somerset Gorordo Cebu and Citadines Greenhills Manila – are expected to open in 2021 and Citadines Benavidez Makati will welcome its first guests in 2023.

These new properties take Ascott a step closer to achieving its long-term target of operating 80,000 serviced apartment units by 2020.

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