Ascott to add seven new properties to Asian portfolio

22 Jun 2016 by Clement Huang
The Ascott Limited has secured seven new properties with 1,714 units across seven Asian cities – Karawang in Indonesia; Putrajaya in Malaysia; Danang in Vietnam; Tokyo in Japan; and Changsha, Shanghai and Shaoxing in China. The 124-unit Somerset Ginza East Tokyo will open next month, while the 135-unit Citadines Festive Walk Karawang, 550-unit Citadines Blue Cove Danang, 180-unit Citadines Xingsha Changsha and 250-unit Citadines Keqiao Shaoxing will open in 2018. Rounding things off are the 200-unit Somerset West Hongqiao Shanghai, which will open in 2019, and the 275-unit Somerset Putrajaya in 2020. The 135-unit Citadines Festive Walk Karawang will open in 2018 Karawang and Putrajaya are new markets for the company. Karawang in West Java is home to the manufacturing facilities of many Japanese automotive, electronic and consumer brands, while Putrajaya serves as the federal administrative centre of Malaysia. Somerset West Hongqiao Shanghai will offer 200 serviced residence units Chief executive Lee Chee Koon said: “We are able to scale up quickly because of the strong alliances with global partners, as well as industry leaders from land owners to property developers, construction firms, online platforms and tech companies.

“Somerset West Hongqiao Shanghai is our second property secured under our strategic alliance with Dongfu Investment Development Corporation, while the upcoming Citadines Blue Cove Danang is also testament to our local partner’s confidence in Ascott as it will be Vietnam’s largest serviced residence and our largest property globally with 550 units.”

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Clement Huang

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