Ascott marks 30th year with first Myanmar contract and new property openings

Serviced residence specialist The Ascott marked its 30th anniversary on Thursday by announcing its first foray into Myanmar and expanding its operations in Germany and Asia.

The company, which is wholly-owned by real estate developer CapitaLand, said it has won a contract to operate a 153-unit serviced residence property in Yangon, Myanmar.

Slated to open in early 2018, the Somerset Kabar Aye Yangon is part of a mixed-used development that also comprises luxury condominiums. It is a 15-minute drive from downtown Yangon and 30 minutes from Yangon International Airport.

Ascott also opened earlier this month its first property in Frankfurt, Germany. The 165-unit Citadines City Centre Frankfurt was acquired for €28 million (S$49.3 million) in 2011 and is Ascott's third serviced residence property in Germany, after those in Berlin and Munich.

Meanwhile, the company won a contract to manage its third property in Wuhan, China, and will open the Ascott Midtown Suzhou in Suzhou, China next month.

It is also planning to open the Ascott Sentral Kuala Lumpur in Malaysia on March 21.

Mr Lee Chee Koon, the chief executive of Ascott, said these recent moves highlight Ascott's search for investment opportunities in key markets where it has a presence, such as China, Germany and other capital cities in Southeast Asia.

Ascott is currently the world's largest international owner-operator of serviced residences, with around 34,000 units in 231 properties.

It will continue expanding to reach its target of 40,000 apartment units worldwide by 2015, Mr Lee added.

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