Capitaland bags new serviced residence contracts in four Asian cities

It will manage over 850 new units.

The world's largest global serviced residence owner continued to flex its muscles as it heads towards its goal of 80k units globally by 2020.

Supplementary to new units in Binh Duong and Seoul, Capitaland's serviced residence arm, Ascott, will be launching its maiden units in Yogyakarta and Miri.

Meanwhile, according to OCBC, the group aims to bank on fund management to further accelerate its growth.

"We expect the group to leverage on its fund management platform and work alongside blue-chip capital partners who will provide additional financial backing," OCBC said.

"To recap, the group had earlier this year established with Qatar Investment Authority (QIA) a 50-50 JV to set up a US$600m serviced residence fund with an initial focus on Asia Pacific and Europe. This was Ascott’s largest private equity fund to date and we understand that CAPL targets to launch six new funds with total AUM of up to S$10b by 2020," OCBC added.