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Ascott bags deals to run 4 properties in Malaysia, the Philippines and China
THE Ascott clinched contracts to manage four properties with 1,200 units in new cities Malacca in Malaysia and Davao in the Philippines, while deepening its presence in Guangzhou in China and Cebu in the Philippines.
In Malacca, Somerset Melaka Island - slated to open in 2022 - will be part of a mixed-use development that also includes a shopping mall. It is located near an upcoming free trade zone and free port.
In Davao, the 250-unit Citadines Riverside Davao will be part of an integrated development that also includes retail, office and event spaces. Opening in 2021, it is a 15-minute drive from downtown Davao City, close to universities and malls, as well as a 45-drive to Davao International Airport.
Its other new property in the Philippines is lyf Cebu City, which will be the first lyf property in the country. It is a mixed-used project which also has office spaces, a supermarket, dining and retail outlets, expected to open in 2021.
In Guangzhou, Citadines Panyu Guangzhou is expected to open in 2019 and located between the Wanbo Business District and Chimelong Resort, the most vibrant regions of Panyu District.
The serviced-residence business unit of CapitaLand is ramping up its expansion with a target to double its portfolio to 160,000 units globally by 2023, said Ascott CEO Kevin Goh.
With the global economic upswing and international travel arrivals hitting new highs, Ascott is on track to exceed 80,000 units this year, he added.
Ascott will focus on key gateway cities in its two biggest markets, China and South-east Asia, as well as markets such as Australia, Europe, Japan, South Korea and the US.
"To position Ascott for the future, we will harness digital innovation and technology to enhance customer experience. For instance, our co-living brand, lyf, targeted at the millennials, will provide guests with a complete digital experience," he added.
With these new additions, Ascott has more than 160 properties with about 30,000 units under development worldwide. About 35 of these properties with more than 6,500 units are scheduled to open this year, half of which are in China, and a quarter in South-east Asia.