With 2016 set to be the year of the apart’hotel, it’s been an exciting new year for Ascott with the acquisition of seven new management contracts in Southeast Asia.The Ascott Limited (Ascott) has strengthened its leadership position as the largest serviced residence operator in Southeast Asia with the clinching of seven new management contracts, adding over 1,500 apartment units to its portfolio.
Ascott 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 as demand for serviced residences heats up. It also celebrated the opening of Somerset Medini Nusajaya, Ascott’s second serviced residence in Iskandar Malaysia.
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Southeast Asia is Ascott’s fastest growing market and second largest globally after China. We started the year strongly by increasing Ascott’s portfolio in Southeast Asia to more than 15,000 apartment units across 80 properties in nine countries. Currently, about 40% of our apartment units under development globally are concentrated in this region. We continue to see strong growth opportunities in the Southeast Asian markets, underpinned by rapid urbanisation, a large young population and rising domestic consumption. The recently established ASEAN Economic Community that aims to integrate these markets and lower trade barriers will further increase foreign investments, fueling demand for quality accommodation. 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.”
After surpassing its 2015 global target of 40,000 apartments six months ahead of schedule, The Ascott Limited will be growing its already sizeable collection of over 280 properties in 99 cities across 27 countries.
Rebecca Hollants Van Loocke, UK regional general manager for The Ascott Limited, said: “We are constantly looking for opportunities to expand our apart’hotel portfolio and extend our city-living experience into new cities.
It’s an exciting time of growth for the sector as serviced apartments become a more popular accommodation choice. We are looking forward to seeing 2016 become the year of the apart’hotel and for The Ascott Limited to lead the way in contributing to this massive surge in serviced apartments.”
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.