Ascott has strengthened its leadership position as the largest serviced residence operator in south-east Asia with the clinching of seven new management contracts, adding over 1,500 apartment units to its portfolio.

Ascott has expanded in Bangkok in Thailand, Hanoi in Vietnam, and Petaling Jaya in Malaysia while venturing into Bandung in Indonesia, Penang and Shah Alam in Malaysia, and Nha Trang in Vietnam as demand for serviced residences heats up.

It also celebrated the opening of Somerset Medini Nusajaya, Ascott’s second serviced residence in Iskandar Malaysia.

Lee Chee Koon, Ascott chief executive, said: “Southeast Asia is Ascott’s fastest growing market and second largest globally after China.

“We started the year strongly by increasing Ascott’s portfolio in south-east Asia to more than 15,000 apartment units across 80 properties in nine countries.

“Currently, about 40 per cent of our apartment units under development globally are concentrated in this region.

“We continue to see strong growth opportunities in the Southeast Asian markets, underpinned by rapid urbanisation, a large young population and rising domestic consumption.

“The recently established ASEAN Economic Community that aims to integrate these markets and lower trade barriers will further increase foreign investments, fuelling demand for quality accommodation.

“In the year ahead, we can expect to see this robust growth trajectory across the other geographies as Ascott picks up momentum to double our portfolio to 80,000 units globally by 2020.”

After surpassing its 2015 global target of 40,000 apartments six months ahead of schedule, The Ascott will be growing its already sizeable collection of over 280 properties in 99 cities across 27 countries.