Ascott secures contracts for 25 new properties

CapitaLand unit The Ascott secured contracts for 25 new properties in the first five months of the year, it announced yesterday.

The contracts cover 5,400 units in 19 cities, the developer said, noting that it is the largest number of new properties clinched in the first five months of any year.

The new assets have expanded Ascott's reach into four new major cities - in China, Indonesia and Morocco.

In China, it will enter Zhengzhou, the capital of Henan province, and Nanchang, the capital and largest city of Jiangxi province.

It now has an outlet in Jayapura, the capital and largest city of Indonesia's Papua province, as well as Casablanca, Morocco's biggest city.

The 25 new properties have been secured under management and franchise contracts and a lease. They will open in phases until 2024.

Mr Kevin Goh, CapitaLand's chief executive for lodging and Ascott's CEO, said Ascott has a strong base of long-stay guests, which has enabled its residences to maintain robust average occupancy rates.

"We have already taken steps to ready Ascott to be the accommodation of choice in a post-Covid-19 landscape," he added.

Ascott opened six new properties this year - in Singapore, Changsha and Tianjin in China, the Gold Coast in Australia, Osaka in Japan and Tours in France.


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A version of this article appeared in the print edition of The Straits Times on June 18, 2020, with the headline Ascott secures contracts for 25 new properties. Subscribe