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Citadines pursues international growth

Ascott Limited announced the development of new Citadines properties in destinations where the brand was not yet present.

The Ascott Limited announced the signature of management contracts to develop new properties in Asia and the Middle East. The brand thus plans to open its first residence in Vietnam, the Citadines Regency Saigon (200 apartments), for 2018, the year when the Citadines Waterfront Kota Kinabalu (253 apartments) will also be opened in Malaysia. Finally, Citadines plans to open a property in the United Arab Emirates in 2017, the Citadines Culture Village Dubai with 81 apartments.

"Since we bought the chain Citadines in 2004, we have more than doubled our portfolio to reach 5,100 apartments in 18 European cities, 12,000 apartments in 81 properties in 52 cities in the Asia Pacific, Europe and the Gulf countries," declared Lee Chee Koo, Chief Executive Officer Ascott Limited.

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