SINGAPORE - CapitaLand's wholly owned serviced residence business unit, The Ascott Limited, has secured seven new properties across seven cities in Asia.
They are in Karawang in Indonesia, Putrajaya in Malaysia, Danang in Vietnam. Tokyo in Japan and Changsha, Shanghai and Shaoxing in China.
With these 1,714 units added to its portfolio, Ascott said it is poised to outpace last year's growth, which was already a record. It has secured more than 5,000 units in 26 properties in the first six months of this year.
Ascott chief executive Lee Chee Koon the firm is set to continue this expansion momentum for the rest of the year.
"We are able to scale up quickly because of the strong alliances with global partners, as well as industry leaders from land owners to property developers, construction firms, online platforms and tech companies, all of whom recognise Ascott's expertise and strength as a global serviced residence leader," he said.
"The addition of these seven management contracts will further boost our income from management fees. With a strong reputation built for our award-winning brands and the value we provide to property owners - through our expertise in design, operations, global sales and marketing as well as our experience in managing properties worldwide, we are confident of achieving our target of 80,000 units globally by 2020."
Southeast Asia remains Ascott's fastest growing market and second largest globally after China, where it has the most number of properties.
The seven new serviced residences deepen Ascott's presence in Danang, Changsha, Shanghai and Tokyo, and enables Ascott to bring its award-winning brands to two new cities in Asia.