SINGAPORE - Major Singapore hospitality groups The Ascott Limited and Frasers Hospitality are looking to capitalise on the increased appetite for travel in 2023 by expanding their portfolios beyond the country’s shores.
This comes as Covid-19 pandemic travel restrictions ease and demand for travel increases.
Ascott’s expansion plans in 2023, which will be the company’s largest number of launches in a given year, will take it further into the region and beyond, with 70 properties across more than 40 cities.
This will add close to 13,500 units to its catalogue this year. The company did not disclose the investment value of the upcoming projects.
The new properties will span a variety of accommodation types – from co-living spaces and serviced apartments to hotels. The group expects the launches this year to support the rebound in travel and tourism spending.
The new properties, officially announced on Tuesday, will be coming up across Asia-Pacific and Europe this year, with projects in various places including Singapore, Indonesia, China and Austria.
Ascott said the launch of these properties comes at an opportune time, as the group “recognises the need to address emerging trends in today’s post-pandemic travel landscape, marked by evolving traveller demands and renewed appetites for fresh experiences”.
Ms Tan Bee Leng, Ascott’s managing director for brand and marketing, said: “This strong pipeline of property openings spans all brands and will support the continued rebound in travel and tourism spending, bolstered by the relaxation of travel restrictions and the normalisation of flight frequency to pre-pandemic levels.”
Ascott’s portfolio spans over 220 cities across more than 40 countries in the Asia-Pacific, Central Asia, Europe, the Middle East, Africa, and the United States.
Over the course of this year and the next few years, Frasers Hospitality is set to launch new properties across the region, including three properties in Cambodia in its first foray into the kingdom.
The projects in Cambodia, the first of which was launched on April 3, will add a total of 366 units to its portfolio. The remaining two projects are set to be launched in 2025 and 2026.
“We see strong growth potential in Cambodia as it ramps up its efforts to attract overseas investment through the signing of free trade agreements and introduction of measures to support businesses,” said Mr Mark Chan, chief operating officer, Frasers Hospitality.
He added: “With the expected influx of business travellers, Frasers Hospitality is primed to tap into the increased demand for long-stay accommodation across the different market segments. It supports our long-term plans for expansion into this region as we build on the trust that corporate travellers have in our brand.”
Frasers Hospitality said that South-east Asia as a whole will also see growth with the launch of new developments in Penang, Kuala Lumpur, Jakarta and Bangkok.
Back home in Singapore, the group will be launching Fraser Residence Promenade Singapore in August this year at the former Zouk site in Jiak Kim Street, where the popular nightclub used to stand. The project will comprise 72 serviced apartments in a mixed-use development.
The group said a total of 776 units will be added to its portfolio. It did not disclose the total cost of its various upcoming projects.
