Ascott to increase global portfolio to 160,000 units by 2023

It plans to expand properties in China, Malaysia and Philippines.

CapitaLand’s serviced residence business unit Ascott Limited announced its plan to double its global portfolio to 160,000 units by 2023.

Ascott clinched four contracts with 1,200 units in Guangzhou in China, Malacca in Malaysia, and Davao in the Philippines, whilst also deepening its current properties in Cebu.

Further, Ascott has recently inked nine new management contracts in China, and plans to extend its presence in Guangzhou, which has secured its foothold with over 20,000 units in 110 properties across 31 cities.

The new management contracts have boosted Ascott’s portfolio to around 111 properties with 23,000 units across 34 cities in Southeast Asia.

Ascott also plans to use digital innovation and technology to improve customer experience.

“Besides accelerating our growth through management contracts, which currently make up 60% of our portfolio, we will continue to seek opportunities for strategic investments in strong operating businesses that will widen our customer reach and give us a competitive edge. We will also grow our franchise business, particularly through our Citadines and Quest brands, and form strategic alliances with leading companies that have a pipeline of properties for us to manage,” Ascott’s CEO Mr Kevin Goh said.

Ascott currently has over 160 properties with 30,000 units under development worldwide.