Fast expansion pace sees another 850 units added to its portfolio in the month of August

(TRAVPR.COM) SINGAPORE - September 2nd, 2015 - Singapore, 2 September 2015 – CapitaLand Limited’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has secured four new contracts to manage over 850 units in four growing Asian markets. Having recently achieved its global target of 40,000 serviced residence units ahead of schedule, Ascott is widening its lead as the world’s largest international serviced residence owner and operator with over 42,000 units in 94 cities across 26 countries.

The new management contracts mark Ascott’s first property in the cities of Yogyakarta (Indonesia) and Miri (Malaysia), as the company brings the first international brand of serviced residence to these cities. Ascott has also secured a property in Binh Duong province (Vietnam) and added a second serviced residence in Seoul, which is its third in South Korea. The new properties will strengthen Ascott’s leading position in the four countries.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “This year, we have grown faster than before by extending Ascott’s footprint to five new cities and adding about 4,700 units to our global network, which is almost double the units secured in the same period last year. Such an expansive growth demands an intimate understanding of the market and an ability to establish the right local alliances. We have forged strategic partnerships to ensure that Ascott remains the industry leader and we are in a strong position to accelerate our growth.”

“Ascott’s entry into a joint venture with Qatar Investment Authority to set up a US$600 million global serviced residence fund will provide us with the financial backing for acquisitions as we strive for our target of 80,000 units globally by 2020.”

“Ascott is also tapping on growth opportunities in the technology space. Leading a consortium to invest over S$120 million in Tujia, China’s largest online apartment sharing platform, Ascott will benefit from the growth of O2O (both Offline-to-Online and Online-to-Offline) commerce in China. We could also benefit from outbound Chinese travellers staying in our properties outside China. In addition, Ascott is the first global serviced residence company to embrace smart home technologies by partnering Samsung Asia Pte Ltd to jointly develop Internet of Things-ready smart serviced residences.”

Mr Lee added: “As a Singapore brand, Ascott has 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. By harnessing our wealth of knowledge and experience in managing over 250 properties across 94 cities, we are able to take advantage of economies of scale across our global footprint to reap operational efficiencies and cost savings while delivering the highest quality in services and products.”

Of the four new properties, Citadines Han River Seoul will be the first to welcome guests from 1Q 2016. The remaining three properties will be ready in 2018 - Citadines Punaka Yogyakarta, Somerset Arcadia Miri and Citadines Central Binh Duong.

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