Ascott continues global expansion, on track to achieve target

CAPITALAND'S serviced residence business unit, The Ascott Limited (Ascott), will continue its global expansion, with a target to open more than 20 properties this year.

These will be in China, India, Indonesia, Korea, Malaysia, the Philippines, Vietnam, Oman and Saudi Arabia.

In 2014, Ascott opened 17 properties and added 28 properties with over 4,800 apartment units to its global portfolio. It secured its first franchises in Vientiane and Bali as well as formed strategic alliances in China and Australia to accelerate its growth.

Lee Chee Koon, Ascott's chief executive officer, said: "In 2015, there will be no let-up in our expansion. We are on track to achieve our target of 40,000 apartment units worldwide by end this year and aim to have 80,000 units by 2020.''

He added that the company will continue to expand its presence in key cities in Asia, Europe and the Gulf region to build its scale while exploring new markets with strong potential opportunities for serviced residences.

On Thursday, Ascott said it was opening its first serviced residences in Cyberjaya, Malaysia; Sri Racha, Thailand, and Hai Phong, Vietnam.

Citadines DPulze Cyberjaya, Citadines Grand Central Sri Racha and Somerset Central TD Hai Phong City are the first international branded serviced residences in the respective cities.

The 203-unit Citadines DPulze Cyberjaya, Ascott's first foray into Malaysia's Multimedia Super Corridor, is the company's fifth property to open in Malaysia.

The 136-unit Citadines Grand Central Sri Racha is Ascott's 10th property in Thailand while the 132-unit Somerset Central TD Hai Phong City is its ninth property to operate in Vietnam.