Singaporean serviced residence operator The Ascott Limited has announced another swag of contracts in Southeast Asia as it continues to beef up its presence in the region with more than three times the number of new units under management on last year.
The company owned by CapitaLand Limited said it has signed five new contracts for 875 apartment units in its first appearance in the Philippine holiday destination of Cebu and Pattaya in Thailand. That brings the total to 14 new contracts signed in Southeast Asia this year for a total of more than 2,700 serviced new residence units under management.
"We have ramped up our expansion in Southeast Asia as we see strong growth potential in the long-term," said Ascott CEO Lee Chee Koon. "With more than 13,000 apartment units in 73 properties across eight countries in Southeast Asia, over 30 per cent of Ascott’s global footprint is now concentrated in this fast-growing region."
Mr Lee said this year the company also secured properties in: Jakarta and Yogyakarta in Indonesia; Kota Kinabalu, Nusajaya and Miri in Malaysia; Bangkok and Sri Racha in Thailand, and Binh Duong province and Ho Chi Minh City in Vietnam.
Ascott has over 26,000 serviced residence units in the Americas, Asia-Pacific, Europe and the Gulf, and a further 15,000 units under development. The company operates three brands – Ascott, Citadines and Somerset.
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John Church
