CapitaLand's Ascott wins 4 contracts and expands to 2 more Asian cities

Citadines Han River Seoul.
Citadines Han River Seoul.PHOTO: THE ASCOTT
Citadines Punaka Yogyakarta.
Citadines Punaka Yogyakarta.PHOTO: THE ASCOTT

SINGAPORE - Mainboard-listed Capitaland said on Wednesday (Sept 2) that its serviced residence unit The Ascott has clinched four contracts to manage more than 850 units in four Asias cities.

With these, Ascott said it is widening its lead as the world's largest international serviced residence owner and operator with over 42,000 units in 94 cities across 26 countries.

The new management contracts mark Ascott's first property in the cities of Yogyakarta (Indonesia) and Miri (Malaysia). Ascott has also secured a property in Binh Duong province (Vietnam) and added a second serviced residence in Seoul, which is its third in South Korea.

The 149-unit Citadines Han River Seoul is expected to open in the first quarter of 2016 and will be the earliest to begin operations among the four new contracts. This will be The Ascott's first Citadines-branded project in the South Korean city.

The 308-unit Citadines Punaka Yogyakarta will be the first serviced residence and the tallest building in Yogyakarta.

The 200-unit Somerset Arcadia Miri in Miri, Malaysia's petroleum hub and a shopping and dining destination frequented by travellers from neighbouring Brunei.

In Vietnam, the 200-unit Citadines Central Binh Duong is located at the Southern Key Economic Zone's manufacturing hub. The Vnetnamese government has announced a master plan to develop Binh Duong into a centrally-run municipality by 2020. The province is home to approximately 30 operating industrial parks with 200,000 employees and is also where two out of five Vietnam Singapore Industrial Parks are situated.

Said Mr Lee Chee Koon, Ascott's chief executive officer: "This year, we have grown faster than before by extending Ascott's footprint to five new cities and adding about 4,700 units to our global network, which is almost double the units secured in the same period last year. We have forged strategic partnerships to ensure that Ascott remains the industry leader and we are in a strong position to accelerate our growth."

He added: "Ascott's entry into a joint venture with Qatar Investment Authority to set up a US$600 million global serviced residence fund will provide us with the financial backing for acquisitions as we strive for our target of 80,000 units globally by 2020."