Ascott signs seven new management contracts in Southeast Asia

CAPITALAND'S serviced residence business unit, Ascott, on Thursday said it has clinched seven new management contracts, adding over 1,500 apartment units to its portfolio.

It has expanded in Bangkok in Thailand, Hanoi in Vietnam, and Petaling Jaya in Malaysia while venturing into Bandung in Indonesia, Penang and Shah Alam in Malaysia, and Nha Trang in Vietnam.

The new Somerset Ekamai Bangkok and Citadines Bayfront Nha Trang are slated to open at the end of 2016, while Somerset West Point Hanoi will open in 2017.

Citadines Kings Bandung, Citadines Ara Damansara Petaling Jaya, Citadines Batu Maung Penang and Citadines Montfort Shah Alam will open progressively from 2019.

Ascott CEO Lee Chee Koon said: "We started the year strongly by increasing Ascott's portfolio in South-east Asia to more than 15,000 apartment units across 80 properties in nine countries. Currently, about 40 per cent of our apartment units under development globally are concentrated in this region.

"In the year ahead, we can expect to see this robust growth trajectory across the other geographies as Ascott picks up momentum to double our portfolio to 80,000 units globally by 2020."