Ascott secures management contract for seven SE Asia properties

5 Feb 2016 by Clement Huang

The Ascott Limited has strengthened its position as the largest serviced residence operator in Southeast Asia by securing seven new management contracts, adding over 1,500 units to its portfolio.

With the new properties, the Capitaland member has expanded in Bangkok (Thailand), Hanoi (Vietnam) and Petaling Jaya (Malaysia), while venturing into the new markets of Bandung (Indonesia), Penang and Shah Alam in Malaysia, and Nha Trang in Vietnam.

As the third most visited city in Indonesia after Jakarta and Bali, Bandung attracts plenty of business, meetings and incentives as well as leisure travellers. Meanwhile, both Penang and Shah Alam are becoming strong bases for industrial parks housing multinational companies. The coastal city of Nha Trang is one of Vietnam’s key tourist destinations and an emerging economic hub. 

Citadines Bayfront Nha Trang

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 from 2019.

“We continue to see strong growth opportunities in the Southeast Asian markets, underpinned by rapid urbanisation, a large young population and rising domestic consumption,” said Lee Chee Koon, Ascott’s chief executive. 

“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.”

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Clement Huang

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