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Ascott ties up with leading developers to expand portfolio

xinying.bong@edgeprop.sg
Updated

CapitaLand’s wholly-owned serviced residence unit The Ascott Ltd (Ascott) is accelerating its expansion in Asia. Strategic partnerships have been forged with leading developers in China, Japan and Thailand to manage apartments currently under development and future projects by these companies.

In China, Ascott has partnered with speciality township developer Riverside Group to launch 350 units of serviced residences in Zhejiang and Chongqing. This follows Ascott’s contract with Riverside Group to manage the 190-unit Ascott Riverside Garden Beijing, which opened last November.

Ascott Songshan Lake Dongguan and Ciadines Songshan Lake Dongguan. They mark Ascott’s entry into Dongguan, China. (credit: Ascott)

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In Japan, Ascott is working with listed Japanese real estate company NTT Urban Development Corp, a subsidiary of Nippon Telegraph and Telephone Corp, to jointly explore serviced residence opportunities. They are currently working on two projects in Fukuoka and Yokohama. A lease agreement with department store chain Takashimaya Co to operate the first Citadines Apart’hotel in Osaka has also been signed.

Ascott’s first Citadines Apart’hotel in Osaka, Japan. This serviced residence will be operated by Ascott under its lease agreement with department store chain, Takashimaya Company, Limited. (credit: Ascott)

One of Thailand’s top listed developers, Ananda Development, has expanded into the serviced residence business by teaming up with Ascott. The first four properties — Somerset Rama 9 Bangkok, Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok and a property in Sukhumvit 8 — will offer close to 1,500 apartments in Bangkok when they open between 2020 and 2021.

Somerset Rama 9 Bangkok, the first of four properties to open as part of Ascott’s strategic alliance with Ananda Development in Thailand. (credit: Ascott)

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