Ascott secures 7 new properties, poised to outpace growth in 2015

THE Ascott has secured seven new properties comprising 1,714 units across seven cities in Asia, said CapitaLand on Monday, adding that its wholly owned serviced residence business unit is poised to outpace its growth in 2015.

The year 2015 was a record year for Ascott, with a total of 6,700 units added to its portfolio. In the first six months of this year, Ascott secured more than 5,000 units in 26 properties.

The seven new properties are in Karawang, Indonesia; Putrajaya, Malaysia; Danang, Vietnam; Tokyo; and Changsha, Shanghai and Shaoxing in China.

"Somerset West Hongqiao Shanghai is our second property secured under our strategic alliance with Dongfu Investment Development Corporation - a subsidiary of China State Construction Engineering Company, China's largest construction firm. The upcoming Citadines Blue Cove Danang is also testament to our local partner's confidence in Ascott as it will be Vietnam's largest serviced residence and our largest property globally with 550 units," said The Ascott CEO Lee Chee Koon.

South-east Asia remains Ascott's fastest-growing market and second-largest globally after China where it has the most number of properties.

The 124-unit Somerset Ginza East Tokyo is slated to open in July this year while the 135-unit Citadines Festive Walk Karawang, 550-unit Citadines Blue Cove Danang, 180-unit Citadines Xingsha Changsha and 250-unit Citadines Keqiao Shaoxing will be opening in 2018. The 200-unit Somerset West Hongqiao Shanghai will welcome its first guests in 2019 while the 275-unit Somerset Putrajaya is expected to open in 2020.