Ascott lands deal to manage 9 more properties in China

Included in The Ascott's new deal to manage nine properties in China is Citadines Baoyu Riverview Harbin (above). The firm said yesterday that it has also made inroads into new cities in China, including Harbin and Zhuhai, and widened its presence in
Included in The Ascott's new deal to manage nine properties in China is Citadines Baoyu Riverview Harbin (above). The firm said yesterday that it has also made inroads into new cities in China, including Harbin and Zhuhai, and widened its presence in Chongqing, Foshan, Shanghai and Wuxi. It has a portfolio of over 20,000 units in more than 110 properties across 31 cities in China.PHOTO: THE ASCOTT

The Ascott has sealed contracts to manage nine properties with over 2,000 units in China.

The move has put CapitaLand's serviced residence unit on track to achieve its global target portfolio of 80,000 units in 2018, two years ahead of schedule.

Ascott said yesterday that it has also made inroads into new cities in China, including Harbin and Zhuhai, and widened its presence in Chongqing, Foshan, Shanghai and Wuxi.

The new deal also marked a record year for Ascott in China as it added over 5,600 units across 28 properties in 2017, double the more than 2,700 units across 15 properties added in 2016.

It exceeded its target of 20,000 units for China in 2017, ahead of its planned schedule of 2020.

Ascott has a portfolio of over 20,000 units in more than 110 properties across 31 cities in China.

The nine new properties are Somerset Gubei Shanghai, Ascott Raffles City Chongqing, Tujia Somerset City Hub Zhuhai Serviced Residence, Ascott Jing'an Shanghai, Citadines Baoyu Riverview Harbin, Ascott Zumiao Foshan, Ascott Gaoxin Wuxi, Gaoxin Serviced Residence Wuxi and Ascott Hengqin Zhuhai.

They are slated to start operations in stages from this year through 2023.

Newly appointed chief executive Kevin Goh said: "2017 was our strongest year as Ascott's global portfolio crossed 72,000 units, adding a record high of about 24,000 units within the year.

"As we scaled up, we also opened 18 properties with close to 3,800 units last year in China, India, Indonesia, Japan, South Korea, the Philippines, Thailand, Vietnam, the United States, and this includes our first properties in Cambodia and Turkey. We expect our strong growth momentum to continue in 2018..."

Mr Tan Tze Shang, Ascott's managing director for China, added: "In 2017, we made our foray into Handan, Xuzhou, Yichang, Kunming, and now Harbin and Zhuhai.

"Harbin is a key political, economic and technological centre of north-east China while our entry into Zhuhai will entrench Ascott's business in South China, specifically the economic zone of the Pearl River Delta, one of the fastest-growing regions in China that is earmarked for further development into a world-class metropolis.

"We also deepened our presence in existing cities to leverage greater economies of scale. This includes our latest ones in Chongqing, Foshan, Shanghai and Wuxi."

A version of this article appeared in the print edition of The Straits Times on January 05, 2018, with the headline 'Ascott lands deal to manage 9 more properties in China'. Print Edition | Subscribe