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New deals help Ascott pass home milestone
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ASCOTT, the wholly-owned serviced residence subsidiary of Singapore’s CapitaLand Ltd, yesterday said it has crossed its milestone of 35,000 apartments globally after clinching four more management contracts in China.
The contracts cover four properties with over 900 apartment units in Shanghai, Taiyuan, Beijing and Dalian.
“The four new properties will further strengthen Ascott’s position as the largest international serviced residence owner-operator in China where its operating portfolio currently stands at 11,600 units in 64 properties across 21 cities,” said Kevin Goh, Ascott’s managing director for North Asia.
“We are confident of achieving our goal of 12,000 apartment units in China by 2015 with 10 more properties slated to open by the end of this year.”
Globally, Ascott aims to meet its target of 40,000 apartments by 2015. So far this year, 2,020 apartments have been added globally, said the company, which marks its 30th anniversary this year.
Ascott sees management contracts, strategic tie-ups and franchises as driving growth, Chief Executive Officer Lee Chee Koon said.
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