Ascott Limited has secured seven new properties with 1,714 units across seven cities in Asia – Karawang in Indonesia; Putrajaya in Malaysia; Danang in Vietnam; Tokyo in Japan; and Changsha, Shanghai and Shaoxing in China.
Southeast Asia remains Ascott’s fastest growing market and second largest globally after China where it has the most number of properties. The seven new serviced residences deepen Ascott’s presence in Danang, Changsha, Shanghai and Tokyo, and enables Ascott to bring its brands to two new cities in Asia.
Lee Chee Koon, Ascott’s chief executive officer, said: “Ascott is set to continue this expansion momentum for the rest of the year to outperform 2015, which was our record year of growth with a total of 6,700 units added to our portfolio. We are able to scale up quickly because of the strong alliances with global partners, as well as industry leaders from land owners to property developers, construction firms, online platforms and tech companies; all of whom recognise Ascott’s expertise and strength as a global serviced residence leader. 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.”