Ascott opens three serviced residences in region and says "no let up in expansion this year"

SINGAPORE - Mainboard-listed CapitaLand announced on Thursday (Jan 15) that its wholly-owned unit, The Ascott Limited, has opened its first serviced residences in Cyberjaya in Malaysia, Sri Racha in Thailand and Hai Phong in Vietnam.

The company said Citadines DPulze Cyberjaya, Citadines Grand Central Sri Racha and Somerset Central TD Hai Phong City are the first international branded serviced residences in the respective cities.

Ascott's first foray into Malaysia's Multimedia Super Corridor, the 203-unit Citadines DPulze Cyberjaya is its fifth property to open in Malaysia. The 136-unit Citadines Grand Central Sri Racha is Ascott's 10th property in Thailand while the 132-unit Somerset Central TD Hai Phong City is its ninth property to operate in Vietnam.

Said Mr Lee Chee Koon, Ascott's chief executive officer, said: "Last year, we opened 17 properties and added 28 properties with over 4,800 apartment units to our global portfolio."

"Besides expanding through acquisitions, management contracts and leases, we secured our first franchises in Vientiane and Bali. We also formed strategic alliances in China and Australia to accelerate Ascott's growth."

He added: "In 2015, there will be no let up in our expansion. We are on track to achieve our target of 40,000 apartment units worldwide by end this year and aim to have 80,000 units by 2020."

"We will continue to expand our presence in key cities in Asia, Europe and the Gulf region to build our scale while exploring new markets with strong potential opportunities for serviced residences."

"Globally, we have another over 50 properties to be opened, of which more than 20 are slated to open this year in China, India, Indonesia, Korea, Malaysia, Philippines, Vietnam, Oman and Saudi Arabia."

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