CapitaLand subsidiary brand, Ascott, has recently just made new partnerships with key developers across Asia, in China, Japan and Thailand, in order to expand its presence across the region. The Ascott group will handle the management of operations of these new apartments, which are currently under development, one of which include a new serviced apartment in Sukhumvit, though that particular development remains unnamed. Part of these new partnerships include management deals for future projects of these developers currently in the pipeline.
For China, Ascott partnered up with Riverside Group to launch new serviced apartments in key cities across the country, such as Chongqing and Zhejiang. For Japan, Ascott signed a partnership contract with Nippon Telegraph and Telephone’s NTT Urban Development, seeking to find opportunities for serviced residences in the country while developing two projects in Fukuoka and Yokohama.
For Thailand, Ananda Development will be working with Ascott to develop several new serviced residences across the capital. The first new properties of this partnership will be the Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok, and the Somerset Rama 9 Bangkok, as well as a new, as-of-yet unnamed serviced apartment in Sukhumvit 8, with all these four properties amounting to an additional 1,500 apartment units in the capital. These new properties are expected to open around 2020 and 2021, and will be joining the Ascott group’s 21 properties with over 4,300 units located across Thailand, with units spread across Bangkok, Pattaya and Sri Racha.
The partnerships, these properties in Thailand included, are part of Ascott’s plans to expand their reach across Asia, and increasing their operating units to 80,000 units by 2018, and to double the company portfolio to a whopping 160,000 units by 2023. For the first two months of 2018 alone, the group managed to add 1,607 units to its portfolio.
Currently, the group is set to add more management and lease agreements across China, Japan and Thailand. These new agreements amount to an additional 3,400 apartment units across 14 properties, located across 10 cities in China, Indonesia, Japan and Thailand, when they go operational sometime in 2018. Notably, these new deals will also lead to the Ascott group’s first foray into China’s Greater Bay Area, by way of Dongguan and Huizhou.