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Ascott targets to double its global portfolio by 2023

The Ascott Limited is ramping up its expansion with a target to double its portfolio to 160,000 units globally by 2023.

This is marked by the 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.

Kevin Goh, Ascott’s Chief Executive Officer, said: “With the global economic upswing and international travel arrivals hitting a new high, we are confident of exceeding 80,000 units this year. We see immense potential to scale up to 160,000 units worldwide in the next five years. Besides accelerating our growth through management contracts, which currently make up 60% of our portfolio, we will continue to seek opportunities for strategic investments in strong operating businesses that will widen our customer reach and give us a competitive edge. We will also grow our franchise business, particularly through our Citadines and Quest brands, and form strategic alliances with leading companies that have a pipeline of properties for us to manage.”

Goh further added: “We will focus on key gateway cities in our two biggest markets, China and Southeast Asia, as well as existing and emerging markets, including across the Middle East.”

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.

Ascott expands Lyf brand in Asia

The Ascott Limited (Ascott), has secured contracts to manage its first three properties under its brand- lyf – in its two key markets – China and Singapore.

The new brand lyf signifies a new way of living and collaborating as a community. The 112-unit lyf Wu Tong Island Shenzhen will open in the first half of 2018 while the 120-unit lyf DDA Dalian is scheduled to open by end 2018. The Singapore property lyf Farrer Park Singapore, the biggest of the three lyf properties with 240 units, is slated to open in 2021.

Lee Chee Koon, Ascott’s chief executive officer, said: “With launch of lyf in these two key markets for Ascott, we are gathering momentum to capture this booming social generation. Already accounting for a quarter of Ascott’s customer base, millennials are expected to be the largest spending travel demographic by 2021. China is amongst Ascott’s top customers globally and has the world’s second largest millennial population. We are therefore expecting to see more lyf properties in gateway cities in China as well as another lyf in downtown Singapore. Ascott is also actively looking at other potential markets including Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the United Kingdom, as we work towards achieving our target of 10,000 units under the lyf brand globally by 2020.”