Ascott Targets to Double Its Global Portfolio in Five Years

The Ascott Limited is ramping up its expansion with a target to double its portfolio to 160,000 units globally by 2023. Hot on the heels of its recent signing of nine management contracts in China, Ascott has clinched contracts to manage another four properties with 1,200 units in new cities such as Malacca in Malaysia and Davao in the Philippines while deepening its presence in Guangzhou in China and Cebu in the Philippines.

With its latest deals, Ascott has entered new attractive investment destinations Malacca and Davao. Its Somerset property in Malacca, Ascott’s largest property to date, will benefit from an upcoming free economic zone and sea port. Meanwhile, its foray into Davao will anchor Ascott in the Philippines’ third fastest-growing economy which also serves as the economic and tourism hub of Southern Philippines. Ascott’s fifth property under its lyf brand will be in Cebu, the top investment destination in the Philippines outside Metro Manila. With Ascott also increasing its presence in Guangzhou, it has reinforced its leading position as one of the largest serviced residence operators in China.

With these new additions, Ascott currently has more than 160 properties with about 30,000 units under development worldwide. About 35 of these properties with more than 6,500 units are scheduled to open this year, half of which are in China, and a quarter in Southeast Asia. The rest are in countries such as Australia, France, India, Saudi Arabia, and the United Kingdom, including Ascott’s first property in Africa. Click here to read more.

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