Ascott exceeds milestone of 35,000 apartments

By Cherry Cao | June 23, 2014, Monday |

Online Edition

ASCOTT, the wholly owned serviced residence subsidiary of CapitaLand Ltd, announced today it has crossed its milestone of having 35,000 apartment units globally, after securing four more management contracts in China.

The four properties with over 900 apartment units are located in Taiyuan, Beijing, Shanghai and Dalian.

"The four new properties will further strengthen Ascott's position as the largest international serviced residence owner-operator in China, where its operating portfolio currently stands at 11,600 units in 64 properties across 21 cities," said

Kevin Goh, Ascott's managing director for North Asia. "We are confident of achieving our goal of 12,000 apartment units in China by 2015 with 10 more properties slated to open by the end of this year."

Celebrating its 30th anniversary this year, Ascott is now well on track to achieve its target of 40,000 apartment units globally by 2015. So far this year, 2,020 apartment units have been added around the world, the company said.

"We will continue to seek investment opportunities in key markets where we have a presence like Singapore, China, India, capital cities in Southeast Asia, Paris, and London, as well as key cities in Germany," said Lee Chee Koon, Ascott's chief executive officer. "We will also keep expanding Ascott's presence through management contracts, strategic alliances and franchises, which will be another of our key growth driver."

Operating three brands - Ascott, Citadines and Somerset - the company's portfolio, including those in the development pipeline, now spans 86 cities in 24 countries.

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Ascott exceeds milestone of 35,000 apartments

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