Ascott reaches major inventory milestone

Ascott has reached the milestone of 35,000 apartment units operating across the world.

The Singapore-based company reached the figure following the signing of agreements to manage four new properties in China – in Taiyuan, Beijing, Shanghai and Dalian. And Ascott’s CEO, Lee Chee Koon, said the company is now on track to meet its expansion goals.

“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,” said Lee.

“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,” he added.

The four new properties add a further 900 units to Ascott’s inventory, and expand the company’s Chinese portfolio to 64 properties comprising 11,600 apartments.

The 170-unit Ascott Taiyuan is scheduled to open in 2018, when it will mark the company’s debut in the capital of Shanxi province, while the 195-unit Ascott Riverside Garden Beijing and 342-unit Somerset Sunland Shanghai are both scheduled to open in 2016. The 195-unit Somerset Grand Central Dalian is already operating, having recently been rebranded.

“China is one of Ascott’s fastest growing markets and we are pleased to establish our presence in the city of Taiyuan,” said Kevin Goh, Ascott’s managing director for North Asia. “This year, besides two properties that have opened in Suzhou and Dalian, 10 more properties are slated to open by end of this year. We are confident of achieving our goal of 12,000 apartment units in China by 2015.”

Ascott’s inventory of 35,000 rooms covers more than 200 serviced apartment properties worldwide.