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Ascott aims further expansion in China

By Cherry Cao | 17:01 UTC+8 April 26, 2017 | Online Edition

ASCOTT, a leading owner-operator of international serviced residence, will accelerate its expansion in China this year mainly through consolidating its presence in first and key second-tier cities with both existing and new brands.

The wholly owned subsidiary of Singapore's CapitaLand Ltd, one of Asia's largest real estate developers, aims to add at least 4,600 apartments into its China growth pipeline in 2017, according to Tan Tze Shang, managing director of Ascott China.

"We signed management contracts for about 3,600 units of services residence last year in China, among which some 2,000 went under the joint-venture Tujia Somerset brand and the rest under our three award-winning brands of Ascott, Citadines and Somerset," Tan told Shanghai Daily during the Ascott Global Roadshow which debut in the city today.

"For this year, we aim to outperform 2016 by at least 1,000 units and will also bring one of our new brands to offer more options for our clients in China where demand for quality accommodation remains robust," Tan said.

Under the company's plan, lyf, a brand featuring small rooms but large public spaces which encourage residents to socialize and interact, will be introduced to the country this year, probably in gateway cities first such as Shanghai, Beijing, Guangzhou and Shenzhen. Mainly targeting millennials aged 35 years old and below, lyf will charge an average rate of over 500 yuan (US$72) per day for a standard room, which is similar to its Citadines brand.

At present, Ascott's China portfolio, including those in the development pipeline, has exceeded 18,000 units across 29 cities.  

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