Ascott has achieved its target of 40,000 apartment units globally ahead of its planned schedule of end 2015.
In May, Ascott secured 10 new contracts in the cities of Nantong, Xiamen, Hangzhou, Tianjin, Wuxi and Nanjing in China, Jakarta in Indonesia, Bangkok and Sri Racha in Thailand as well as Muscat in Oman. 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.
Ascott has been expanding aggressively to achieve the milestone of 40,000 units globally ahead of schedule. In the last 5 months, Ascott added 18 properties in China, Indonesia, Malaysia, Thailand, Turkey, Vietnam, Oman and the UAE and opened 8 properties. Another 15 properties are set to open this year in China, India, Indonesia, Korea, Malaysia, the Philippines, Oman and Saudi Arabia.
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 properties in Xiamen, Tianjin, Hangzhou, Wuxi and Nanjing, further reinforcing Ascott’s position as the largest international serviced residence owner-operator in China with over 14,000 units in 77 properties.
Ascott has secured management contracts in Jakarta, Indonesia and in Bangkok, Thailand as well as Sri Racha, Thailand. These will strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in Indonesia and Thailand with more than 2,300 apartment units in 11 properties and over 2,100 units across 12 properties respectively.
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. With this addition, Ascott’s portfolio in the Gulf region will increase to more than 2,200 apartment units across 14 properties in 5 countries – Bahrain, Qatar, Oman, Saudi Arabia and the UAE.