Ascott adds 26 new properties to global portfolio

By Timothy Tay

/ EdgeProp |

January 21, 2019 3:05 PM SGT

The Ascott Limited, a business unit of CapitaLand, has secured contracts for 26 new properties in 18 cities. They comprise over 4,600 units, bringing the total number of units under management to over 100,000 units. Last year, Ascott added over 30,000 units across 189 properties.

Four new Citadines properties - Citadines Ritan Beijing, Citadines Gubei Shanghai, Citadines Pudong International Expo Shanghai, and Citadines Xujiahui Shanghai - were secured through a joint venture with Huazhu Hotels Group, one of China’s leading hoteliers, and its subsidiary, CJIA Apartments Group. Ascott will also manage Huazhu’s first overseas property, Ji Hotel Orchard Singapore.

The contract for Tujia Somerset Sumyip Taifu Plaza Shenzhen Serviced Residence was inked through a joint venture with Tujia, China’s largest online apartment sharing platform. (Pictures: The Ascott Limited)

Ascott has also partnered MCC Real Estate Group, a subsidiary of state-owned enterprise China Metallurgical Group Corp, to manage two Citadines properties in Hangzhou, namely Citadines West Lake Cuiyuan Hangzhou and Citadines Wulin New Town Hangzhou.

Through a joint venture with Tujia, China’s largest online apartment sharing platform, Ascott has also added Tujia Somerset Sumyip Taifu Plaza Shenzhen Serviced Residence and Tujia Somerset Honor Mansion Shijiazhuang Serviced Residence. It now manages 16 Tujia Somerset serviced residences in China.

Ascott has also set foot into the Netherlands with the signing of Citadines Sloterdijk Station Amsterdam. A maiden city is Goa in India, a popular tourist and convention venue. Ascott’s upcoming Citadines Calangute Goa and Citadines Candolim Goa will be the city’s first international branded serviced residences. Lastly, Ascott’s debut in Rayong, Thailand - Citadines City Center Rayong - will cater to the corporate market in Map Ta Phut, Thailand’s largest industrial estate.

When completed, Citadines Calangute Goa will be one of Goa's first international branded serviced residences.

The latest expansion also entrenched Ascott’s presence in existing markets. It will open its first premier Ascott-branded serviced residence in Ho Chi Minh City, Ascott Centennial Saigon, and two new Citadines properties in Manila, Citadines Leviste Makati and Citadines Malate Manila. It will manage three more serviced residences in China - Citadines Songjiang Shanghai, Somerset Bio-Island Guangzhou and Somerset Yongningmen Xi’an.

In the UK, the company’s seventh and newest property will be Citadines Wembley London. Meanwhile it will add one new property in the United Arab Emirates, and the upcoming Citadines Metro Central Dubai. Two new Citadines in Istanbul, Turkey - Citadines Nivo Istanbul and Citadines Maslak Istanbul - are under management contracts.

Somerset Yongningmen Xi’an, one of Ascott's serviced residences in China

Today, Ascott’s global presence has extended into 172 cities in 33 countries, and is on track to achieve its target of 160,000 units worldwide by 2023, says Kevin Goh, Ascott’s CEO.

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