Expands global footprint to secondary cities of Bandung, Penang, Shah Alam and Nha Trang to cater to strong demand
Singapore, 4 February 2016 – CapitaLand’s wholly-owned serviced residence business unit, 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. 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 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, 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.”
He added: “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.”
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. 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. Citadines Kings Bandung, Citadines Ara Damansara Petaling Jaya, Citadines Batu Maung Penang and Citadines Montfort Shah Alam will open progressively from 2019.
Please refer to the annexes for more information on the properties.
About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 26,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Gulf region, as well as over 17,000 units which are under development, making a total of more than 43,000 units in over 280 properties.
The company operates three award-winning brands – Ascott, Citadines and Somerset. Its portfolio spans 99 cities across 27 countries, 31 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2015 for ‘Leading Serviced Apartment Brand’ and ‘Leading Serviced Apartments’ in Belgium, France, Germany, Hong Kong, Philippines, Singapore, Spain, Thailand and Vietnam, Business Traveller Asia-Pacific Awards 2015 for ‘Best Serviced Residence Brand’, Business Traveller UK Awards 2015 for ‘Best Serviced Apartment Company’, Business Traveller Middle East Awards 2015 for 'Best Serviced Apartment Company', Business Traveller China Awards 2015 for ‘Best Serviced Residence Brand’ and 'Best Serviced Residence', TTG China Travel Awards 2015 for ‘Best Serviced Residence Operator in China’ and DestinAsian Readers’ Choice Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit http://www.theascottlimited.com/en/aboutus/awards.
Visit www.the-ascott.com for more information and connect with us on social media at www.the-ascott.com/connect.
About CapitaLand Limited
CapitaLand is one of Asia’s largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia.
CapitaLand’s listed real estate investment trusts are CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.
Visit www.capitaland.com for more information.
