Ascott Boosts Southeast Asia Presence with 28 New Properties
Ascott Limited, a subsidiary of CapitaLand Investment, is significantly expanding its presence in Southeast Asia, announcing 28 new property signings year-to-date, adding over 3,400 units. This expansion represents more than half of Ascott’s global signings and will enhance its portfolio to over 360 properties across nine countries, including Cambodia, Indonesia, and Malaysia.
Key Highlights:
- Growth Trajectory: Ascott’s portfolio in Southeast Asia has grown from 13,000 units in 2015 to over 67,000 today. The new signings will introduce the company to new cities like Purwakarta (Indonesia) and Kulim (Malaysia).
- Flex-Hybrid Model: The flex-hybrid hotel-in-residence model has proven resilient, appealing to both property owners and diverse traveler needs. This model positions Ascott as a dominant player in the region’s lodging industry.
- Diverse Offerings: Ascott is set to open a variety of new properties, including beach resorts, boutique hotels, and serviced residences, catering to a wide range of guest preferences. Twelve properties have already opened in 2024.
- Strategic Market Focus: Southeast Asia contributes over 30% of Ascott’s total revenue, emphasizing its importance as a key market for global expansion. The company aims to capture not only inbound but also intraregional and domestic travel.
- Recognition and Future Plans: Ascott has been recognized as having one of the largest active pipelines in the region. The company plans to leverage its local expertise to drive further growth and expand into markets like the UK and Australia.
Recent Developments:
- New Property Types: Notable new signings include the first lyf brand property in Singapore focused on wellness, and multiple Oakwood properties across Indonesia and Cambodia.
- Expansion in Penang: Ascott has made significant strides in Penang, signing nine new properties this year, nearly doubling its presence in the state.
As travel in Southeast Asia rebounds, Ascott is well-positioned for continued growth, supported by a robust portfolio and a commitment to operational excellence.
Photo Caption:
| From left to right – Ms Serena Lim, Chief Growth Officer, Ascott; Mr Kevin Goh, CEO, Ascott and Lodging, CapitaLand Investment; Mr Derek Yan, Vice President, Projects and Product Development, Bayview International Hotels & Resorts; Ms Carina Tan; Datin Seri Joanna Lim; Dato’ Sri Datuk Wira Tan Hui Jing, Executive Director, Oriental Holdings Bhd. and Deputy Chairman, Boon Siew Honda Sdn. Bhd.; and Ms Wong Kar Ling, Chief Strategy Officer and Managing Director, Southeast Asia, Ascott. Photo was taken in the Ascott Privilege Signatures Lounge during the Formula One night race in Singapore. |