ASCOTT SURPASSES 100TH PROPERTY MILESTONE IN CHINA WITH SEVEN NEW PROPERTIES SECURED ACROSS SIX CITIES
Singapore, 27 June 2017 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited, has clinched seven new contracts to manage over 1,300 apartments across six cities in China. These properties mark Ascott’s first foray into Kunming and Yichang while deepening its presence in Chongqing, Dalian, Shenzhen and Xuzhou. To date, Ascott has added more than 2,700 units across 15 properties in China this year. This is a 56% increase compared with the more than 1,700 units and 10 properties secured in the first half of 2016.
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “China remains Ascott’s biggest market and we are excited to be surpassing our 100th property milestone in China this year. Chinese are amongst Ascott’s top customers at our properties globally with revenue surging by 35% year-on-year. Awareness of Ascott has also grown significantly in China. In 2016, about 62% of our guests in China are Chinese. With close to 19,000 units in 104 properties across 29 Chinese cities, Ascott will achieve our target of 20,000 units in China well ahead of 2020. With this momentum, we are confident of exceeding our target of 80,000 units globally by 2020.”
In addition, Ascott has listed about 15,000 serviced apartments on Alibaba’s online travel service platform Fliggy, covering its properties in more than 20 destinations most popular amongst Chinese travellers, such as Singapore, Bangkok, Tokyo, Paris and London.
Mr Lee added: “China’s rising incomes are driving domestic travel and making it the world’s biggest outbound travel market. Besides boosting our number of properties in China, Ascott is sharpening our competitive edge by having a stronger online presence. We now have one of the largest serviced apartment listings on Fliggy, which has more than 200 million users. Our penetration of the Chinese market both offline and online is already contributing to Ascott’s business worldwide.”
Of the seven new serviced residences, Tujia Somerset Garden City Chongqing is already operational while Ascott Yulian Plaza Dalian, Citadines Gaoke Liangjiang Chongqing, Citadines Three Gorges Yichang and Somerset Q Plex Shenzhen are slated to open in 2018. Citadines Dianchi Time Plaza Kunming and Tujia Somerset Yunlong Lake Xuzhou are expected to open in 2019. Please see Annex for further details on the new properties.
On 15 June 2016, Ascott launched its new lyf brand in China with two properties in Dalian and Shenzhen to seize opportunities in the booming millennial market and rising co-living trend.Earlier this year, Ascott secured contracts to manage six properties in Changsha, Shenzhen,
Tianjin, Wuhan, as well as two new cities – Handan and Xuzhou.
At the recent 2017 World Travel Awards Asia & Australasia ceremony held in Shanghai, Ascott was recognised as the finest in the industry by sweeping the top accolades of Asia’s ‘Leading Serviced Apartment Brand’; ‘Leading Serviced Apartments’ in Asia and China; as well as nine accolades for these categories across Hong Kong, Japan, Philippines, Singapore and Vietnam.
About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 30,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 23,000 units which are under development, making a total of more than 54,000 units in over 300 properties. The company operates three award-winning brands – Ascott, Citadines and Somerset, along with The Crest Collection and lyf. Ascott’s portfolio spans more than 100 cities across 29 countries.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia; TTG China Travel Awards 2017 for 'Best Serviced Residence Operator in China'; DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2017 for ‘Best Serviced Residence Operator in China’; World Travel Awards 2016 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; Business Traveller Asia-Pacific
Awards 2016 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.theascott.com/ascottlimited/awards.html.
About CapitaLand Limited
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as at 31 March 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 140cities in about 30 countries, the Group focuses on Singapore and China as core markets, while
it continues to expand in markets such as Vietnam and Indonesia.
CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust,
CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.
Visit www.capitaland.com for more information.
Issued by: The Ascott Limited Website: www.the-ascott.com
168 Robinson Road, #30-01 Capital Tower, Singapore 068912
For more information, please contact:
Joan Tan, Vice President, Group Communications
Tel: (65) 6713 2864
Mobile: (65) 9743 9503
Chen MeiHui, Manager, Group Communications
Tel: (65) 6713 3673
Mobile: (65) 81338334
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