The Ascott is accelerating its expansion in Asia by forging strategic partnerships with leading developers in China, Japan and Thailand to manage apartments currently under development as well as future projects by these companies.

In China, Ascott has partnered specialty township developer, Riverside Group, to launch serviced residences in Zhejiang, Chongqing and future riverside themed towns in other key cities.

This strategic partnership will start with two serviced residences with a total of 350 units in Zhejiang and Chongqing.

It follows Ascott’s contract with Riverside Group to manage the 190-unit Ascott Riverside Garden Beijing which opened in November last year.

In Japan, Ascott has entered a business cooperation with the listed Japanese real estate company, NTT Urban Development Corporation – a subsidiary of Nippon Telegraph & Telephone Corporation to jointly explore serviced residence opportunities in Japan and are currently working on two projects in Fukuoka and Yokohama.

In Thailand, one of the country’s top listed developers, Ananda Development, has expanded into the serviced residence business through its strategic alliance with Ascott.

The first four properties under the collaboration – Somerset Rama 9 Bangkok, Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok and one more property in Sukhumvit 8 – will offer close to 1,500 apartment units in Bangkok when they open between 2020 and 2021.

Kevin Goh, Ascott chief executive, said: “Forming strategic cooperation with well-established developers is one of Ascott’s key strategies for growth.

“From Singapore, to Australia, China, Indonesia, Japan and the Middle East, the alliances we have forged allow us to gain access to a variety of large scale, quality projects to fast-track Ascott’s expansion and broaden our reach to even more gateway cities.

“Having some of the biggest industry players choose to partner us speaks volume of Ascott’s reputation and expertise in managing award-winning serviced residences globally for over 30 years.”

He added: “Leveraging Ascott’s global network of close to 100,000 corporate clients, we will create significant cross-marketing opportunities across the globe for our properties to maximise returns for our partners.

“We are confident of achieving our global target of 80,000 units this year, and to double our portfolio to 160,000 units by 2023.

“We will continue to scale up through investments, strategic alliances, management contracts, leases and franchises.”

In addition to the 1,607 units that expanded its portfolio in January and February, Ascott is adding management and lease agreements for another 14 properties with about 3,400 apartment units across ten cities in China, Japan, Thailand and Indonesia this quarter.

This includes a lease agreement with department store chain, Takashimaya Company, to operate the first Citadines Apart’hotel in Osaka.

Slated to progressively open from this year to 2021, these newly signed properties will mark Ascott’s maiden entry into Dongguan and Huizhou in China’s fast-developing Greater Bay Area, as well as deepen Ascott’s presence in the Chinese cities of Dalian, Haikou, Hong Kong, Nantong and Shanghai, Osaka in Japan, Bangkok in Thailand, and Bandung in Indonesia.