Oakwood Asia Pacific has shared new plans for aggressive growth and strategic expansion.
Estimating a projected growth of over 40 per cent in portfolio size over the next two years, Dean Schreiber, manager director of Oakwood Asia Pacific explained: “We are observing an increasingly mobile workforce and a heightened awareness of serviced apartments and its advantages over hotel rooms.”
He added: “Asia also presents great potential as it continues to be one of the key drivers of the global economy.”
With three existing product tiers - Oakwood Premier, Oakwood Residence and Oakwood Apartments - Oakwood will be introducing a new product tier, Oakwood Studios which will be making its debut in Singapore in the fourth quarter this year.
Catering to global nomads with independent lifestyles, Oakwood Studios will be located in dynamic cities with vibrant scenes, offering guests an authentic urban experience complemented by unpretentious and tech-enabled spaces, allowing one to seamlessly alternate between work and leisure.
In addition, an extension of the Oakwood Residence product tier - Oakwood Hotel & Residence will also make its entrance later this year in Kuala Lumpur and Suzhou.
This extension will allow guests to choose between hotel rooms and serviced apartments while enjoying the offerings of an Oakwood property.
The growth plans of Oakwood Asia Pacific will also see it expanding its footprint strategically into new markets such as Australia, Singapore, Malaysia and Vietnam – just to name a few -while simultaneously solidifying its presence in existing key markets such as China and Japan.
Growing its presence strategically in China continues to be a key priority at Oakwood as it looks to expand into second and third tier cities and doubling its current inventory in the next five years.
Likewise, Oakwood seeks to cement its position in Japan with its tenth property, Oakwood Apartments Minami Azabu slated to open in Tokyo later this month.
With this addition, Oakwood will be the most dominant operator of serviced accommodation in one of the world’s most metropolitan cities.