Ascott has signed seven new management
contracts, adding over 1,500 apartment units to its portfolio.
The deals are for properties 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.
The company has 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, fuelling
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.”
Bandung is the third most-visited city in
Indonesia after Jakarta and Bali, attracting business, meetings
and incentives as well as leisure travellers.
Penang and Shah Alam
are both home to industrial parks housing multinational companies
and popular with domestic and international tourists, while the coastal
city of Nha Trang is one of Vietnam’s key tourist destinations and
an emerging economic hub of South Central 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.
Bandung, Citadines Ara Damansara Petaling Jaya, Citadines Batu
Maung Penang and Citadines Montfort Shah Alam will open
progressively from 2019.
“Besides growing Ascott’s presence in
the capital cities, our entry into secondary cities such as
Bandung, Penang, Shah Alam and Nha Trang will allow us to cater to
the increasing demand for international-class serviced residences
in these markets. Ascott will be the first international serviced
residence company to set foot in these markets, as we have built a
strong reputation for top quality and reliability, which are of
utmost importance to travellers, expatriates and property owners.
Many property owners around the world have chosen Ascott to manage
their properties because we have the expertise in managing
award-winning properties worldwide. These new properties will
strengthen Ascott’s position as the largest international serviced
residence owner-operator in Indonesia, Malaysia, Thailand and
Vietnam,” added Mr Lee Chee Koon.
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