Ascott signs 10 new management contracts in South-east Asia

THE Ascott Limited, CapitaLand's wholly owned serviced residence business unit, has signed 10 new management contracts in South-east Asia, bringing the number of apartment units it has added this year to over 10,000 - its largest increase in a single year.

The group signed new contracts in Hanoi and Halong City in Vietnam, Phnom Penh, Bangkok, Manila and Cebu. These follow the opening of Metropole Bangkok as part of The Crest Collection, a group of luxury serviced residences.

The 10 new properties will open between 2018 and 2023.

"With these latest additions, Ascott has as at today over 52,000 units in our portfolio," said Ascott's CEO Lee Chee Koon.

"As more property owners see the value of having Ascott manage their serviced residences, we are actively looking to expand through strategic alliances, management contracts, franchises, and also to seize acquisition opportunities," he added. "Seeking partnerships with new economy leaders will also be central to Ascott's growth as we march towards our global target of 80,000 units by 2020."