Ascott inks seven new contracts in Southeast Asia

Picture of Somerset Ekamai Bangkok (Source: The Ascott Limited)

CapitaLand’s serviced apartment arm The Ascott is expanding its footprint in Southeast Asia by inking seven new management contracts which will add over 1,500 apartments to its portfolio. The group will expand its presence in Bangkok in Thailand, Hanoi in Vietnam and Petaling Jaya in Malaysia, as well as venture into secondary cities such as Bandung in Indonesia, Penang in Malaysia and Nha Trang in Vietnam.

“Southeast Asia is Ascott’s fastest growing market, and second largest globally after China,” says Lee Chee Khoon, Ascott’s CEO. Ascott’s portfolio in Southeast Asia has more than 15,000 apartments across 80 properties in nine countries. About 40% of the apartments under development globally are concentrated in Southeast Asia. For example, 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 progressively from 2019 to 2021.

Ascott intends to double its portfolio to 80,000 units globally by 2020.

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