Ascott, the Singapore-based serviced apartment operator, has continued to expand its presence in Southeast Asia with the signing of agreements for seven new properties in four countries.
The company has boosted its portfolio in Bangkok, Hanoi and the Malaysian city of Petalingjaya, while also signing its first ever serviced residences in four Southeast Asian destinations: the Indonesian city of Bandung, the Vietnamese beach resort of Nha Trang, and Penang and Shah Alam in Malaysia.
Ascott has also opened the Somerset Medini Nusajaya, its second property in Malaysia’s Iskandar development zone, close to Singapore.
“Southeast Asia is Ascott’s fastest growing market and second largest globally after China,” said Lee Chee Koon, Ascott’s CEO. “We started the year strongly by increasing Ascott’s portfolio in Southeast Asia to more than 15,000 apartment units across 80 properties in nine countries. Currently, about 40% of our apartment units under development globally are concentrated in this region.
“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,” he added.
The 181-unit Somerset Ekamai Bangkok (pictured top) and 280-unit Citadines Bayfront Nha Trang are both due to open at the end of 2016, while the 247-unit Somerset West Point Hanoi will welcome its first guests in 2017.
The 150-key Citadines Kings Bandung and 193-unit Citadines Ara Damansara Petaling Jaya will then be added in 2019, followed by the 200-key Citadines Batu Maung Penang in 2020 and the 250-unit Citadines Montfort Shah Alam in 2021.
The 310-unit, 33-storey Somerset Medini Nusajaya is now open, located close to the Gleneagles Medini Hospital and connected to a four-storey wellness centre. It will feature apartments ranging from studios to three-bedroom units, plus a gymnasium, swimming pool and children’s playroom.
“Besides growing Ascott’s presence in the capital cities, our entry into secondary cities such as Bandung, Penang, Shah Alam and Nha Trang will allow us to cater to the increasing demand for international-class serviced residences in these markets,” Lee said. “These new properties will strengthen Ascott’s position as the largest international serviced residence owner-operator in Indonesia, Malaysia, Thailand and Vietnam.”