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Ascott achieves target of 40,000 apartment units

Ascott announced 40,000 apartment units around the world, thanks to Asian and Middle Eastern markets. The next goal is to double the portfolio by 2020.

The Ascott Limited (Ascott), has achieved its target of 40,000 apartment units globally ahead of its planned schedule of end 2015 thanks to 18 properties added into global portfolio in the last five months. Ascott has secured 10 new contracts in month of may thanks to Asian and Middle East markets. This has increased Ascott's portfolio by over 2,000 units to more than 41,000 units in 270 properties across 91 cities in 25 countries, cementing its position as the world's largest international serviced residence owner and operator.

In China, Ascott has entered a new city, Nantong, with the management contract for the 160-unit Ascott Harmony City Nantong which is slated to open in 2017. Ascott has also inked contracts to manage the 242-unit Ascott Marina Xiamen (opening 2020), 224-unit Ascott TEDA MSD Tianjin (opening end 2015), 218-unit Somerset Qianjiang Xincheng Hangzhou (opening 2018), 184-unit Somerset Harmony City Wuxi (opening 2017), as well as 204-unit Somerset Olympic Nanjing and an adjacent block with 361 apartments (opening from 2016). The addition of the new properties will further reinforce Ascott's position as the largest international serviced residence owner-operator in China with over 14,000 units in 77 properties. "In addition to expatriates, our serviced residences are seeing an increasing number of domestic customers" announced Mr Lee Chee Koon, Ascott's Chief Executive Officer. The goal is to reach 20,000 units in China by 2020.

Ascott has expanded its presence in Indonesia by securing the management contract for Ascott Menteng Jakarta with an estimated 150 units. The serviced residence is scheduled to open in 2019. In Thailand, Ascott has secured the 125-unit Somerset Maison Asoke Bangkok (opening 2018) and 193-unit Somerset Harbourview Sri Racha (opening 2017). In the Sultanate of Oman, Ascott has secured a contract to manage its first Citadines Apart'hotel in the country. The 87-unit Citadines Al Ghubrah will open in Oman's capital of Muscat in 2017. This will be Ascott's second serviced residence in Oman. Its first, Somerset Panorama Muscat, is slated to open later this year.

"To double our portfolio to 80,000 units by 2020, our strategy is to expand through investments, management contracts, strategic alliances and franchises," announced Mr. Lee Chee Koon.



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