Ascott launches serviced residences in Hangzhou, Hamburg and Jakarta

THE Ascott Limited has rolled out its first serviced residences in Hangzhou and Hamburg, while opening its second Ascott-branded serviced residence in Jakarta and securing a management contract for its second Ascott-branded serviced residence in Dubai.

The 104-unit Citadines Intime City Hangzhou is Ascott’s 35th property in China while the 185-unit Ascott Kuningan Jakarta is the company’s eighth in Indonesia, reinforcing Ascott’s position as the largest international serviced residence owner-operator in China and Indonesia respectively.

The 127-unit Citadines Michel Hamburg is Ascott’s fourth serviced residence in Germany, following Berlin, Munich and Frankfurt. The 117-unit Ascott Culture Village Dubai, slated to open in 2017, will bolster Ascott’s portfolio in the Gulf Cooperation Council (GCC) to 12 properties in Bahrain, Qatar, Oman, Saudi Arabia and the UAE.

Lee Chee Koon, Ascott’s CEO, said: “There are significant growth opportunities for serviced residences globally. We have opened two new properties in China and Germany, which are key growth markets for Ascott. Indonesia and the GCC also offer immense potential for serviced residences.

“Having our first property in (Hangzhou) will enable us to capture the demand as we also prepare to open Ascott Raffles City Hangzhou in 2017.”

Lee also added that Ascott has about 60 properties in its global pipeline over the next few years.

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