Citadines Punaka Yogyakarta. Credit: Ascott
ASCOTT last month secured four new contracts to manage over 850 units in four Asian markets.
The new management contracts mark Ascott’s first property in the cities of Yogyakarta in Indonesia and Miri in Malaysia. The company has also secured a property in Binh Duong province, Vietnam, and added a second serviced residence in Seoul.
Ascott will be bringing the Citadines-branded serviced residences to South Korea, Vietnam and Indonesia, namely the Citadines Han River Seoul, Citadines Central Binh Duong and Citadines Punaka Yogyakarta. The company will introduce the Somerset Arcadia Miri in Malaysia.
Citadines Han River Seoul will be the first of the four new properties to launch with a scheduled 1Q2016 opening. The remaining three properties will be ready in 2018.
Citadines Han River Seoul. Credit: Ascott
Lee Chee Koon, CEO of Ascott, attributes the ability to grow rapidly to strong strategic partnerships already in place. “Ascott’s entry into a joint venture with Qatar Investment Authority to set up a US$600 million global serviced residence fund will provide us with the financial backing for acquisitions as we strive for our target of 80,000 unit globally by 2020,” he said.
Ascott is also currently drawing on growth opportunities in the technology space by leading a consortium to pump over S$120 million (US$84.7 million) into Tujia, a China-based online apartment sharing platform, thus enabling them to profit from the growth of O2O (both offline-to-online and online-to-offline) commerce.
