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Ascott achieves goal of 40,000 units ahead of schedule
THE Ascott Limited has hit its target of 40,000 units globally ahead of its end-of-year schedule, on the back of aggressive expansion in the past five months.
The serviced residence unit owned by CapitaLand Limited has added 18 properties across South-east Asia (Malaysia, Thailand, Indonesia, Vietnam), China, Turkey, Oman and the UAE, and opened eight properties, with another 15 more to come.
This brings Ascott's portfolio to more than 41,000 units in 25 countries.
The next target for the world's largest international serviced residence owner and operator is to double its portfolio to 80,000 by 2020, said its CEO Lee Chee Koon. "Our strategy is to expand through investments, management contracts, strategic alliances and franchises."
The firm will take advantage of economies of scale through the expansion to reap operational efficiencies, cost savings, and international sales and marketing benefits, he added.
"We will also be able to harness our wealth of knowledge and experience in managing 270 properties across 91 cities, to provide support in the areas of architectural and interior design, project and construction management, as well as procurement-related services."
China will be a key market, with a quarter of all units sited there by 2020. On top of expatriates, locals are also increasingly using serviced residences when travelling within first- and second-tier cities for project assignments or leisure, said Mr Lee.