Ascott's global expansion continues apace

Singapore

CAPITALAND'S serviced residence business unit, The Ascott Limited (Ascott), is still on the fast track of 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 gro…