ASCOTT has signed seven more management contracts for serviced residences in South-east Asia, adding more than 1,500 units to its portfolio.
In Thailand, the Somerset Ekamai Bangkok is slated to open by this year, while in Vietnam, the Citadines Bayfront Nha Trang and Somerset West Point Hanoi will open in end-2016 and 2017 respectively.
Meanwhile, in Indonesia and Malaysia, the Citadines Kings Bandung, Citadines Ara Damansara Petaling Jaya, Citadines Batu Maung Penang and Citadines Montfort Shah Alam will open progressively from 2019.
“South-east Asia is Ascott’s fastest growing market and second largest globally after China. We continue to see strong growth opportunities in the South-east Asian markets, underpinned by rapid urbanisation, a large young population and rising domestic consumption,” said Lee Chee Koon, CEO, Ascott.
“The recently established ASEAN Economic Community that aims to integrate these markets and lower trade barriers will further increase foreign investments, fuelling demand for quality accommodation. In the year ahead, we can expect to see this robust growth trajectory across the other geographies as Ascott picks up momentum to double our portfolio to 80,000 units globally by 2020.”
