Ascott seizes 139% surge in property volume YTD

These units are scattered across China, Indonesia and Morocco.

CapitaLand’s lodging business unit Ascott saw the number of units secured skyrocketed 139% YoY in the first five months of 2020, a press release revealed. It has nabbed 25 new properties with over 5,400 units across 19 cities worldwide.

These units will be launched in phases between 2020 and 2024. The new properties are located in Zhengzhou and Nanchang in China, Jayapura in Indonesia, and Casablanca in Morocco and were secured through management contracts, franchise contracts, and leases.This also marks the largest number of properties Ascott has acquired in the first five months in any year.

This year, Ascott has also opened six new properties in Singapore, Changsha and Tianjin in China, Gold Coast in Australia, Osaka in Japan, and Tours in France, including its first rental housing property in Shanghai. In Q2, one-fourth of Ascott’s Chinese properties have achieved over 70% occupancy rate, with 100% occupancy rate across some of its properties in Hangzhou, Suzhou, and Wuxi, the press release added.