Breaking Travel News

China expansion drives Ascott forward

China expansion drives Ascott forward

The Ascott has crossed its milestone of having 35,000 apartment units globally as it steps up its growth in China by securing contracts to manage four more properties with over 900 apartment units in Taiyuan, Beijing, Shanghai and Dalian.

Ascott has secured its first serviced residence in Taiyuan, the 170-unit Ascott Taiyuan which is slated to open in 2018, the 195-unit Ascott Riverside Garden Beijing and 342-unit Somerset Sunland Shanghai which are both slated to open in 2016, and an operating property in Dalian which has been rebranded as a 195-unit Somerset Grand Central Dalian.

The four new properties will further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China and in the world.

In China, Ascott’s portfolio will expand to more than 11,600 apartment units in 64 properties across 21 cities.

Lee Chee Koon, Ascott’s chief executive, said: “As we celebrate Ascott’s 30th anniversary this year, we have made significant progress to grow our business and crossed a milestone of more than 35,000 apartment units globally.

“Besides acquiring a prime property in Hong Kong, we have clinched management contracts for eight more properties in Yangon, Wuhan, Taiyuan, Beijing, Shanghai and Dalian.

“We have also formed a strategic alliance with Vanke to drive Ascott’s growth in China and recently secured our first franchise agreements in Vientiane in Laos and Bali in Indonesia.”

Lee added: “In 2014, we have so far added 2,020 apartment units to Ascott’s portfolio and are on track to achieving our target of 40,000 apartment units globally by 2015.

“We will continue to seek investment opportunities in key markets where we have presence like Singapore, China, India, capital cities in Southeast Asia, Paris, London and key cities in Germany.

“We will also continue to expand Ascott’s presence through management contracts, strategic alliances and franchises which will be another of our key growth driver.”