Ascott signs 5,600+ units in China to date, amidst Covid-19

Editorial Team
Editorial Team

Continuous Growth in Recent Months, amidst Covid-19

In the recent 3 months, Ascott has sealed new contracts for more than 3,700 units across 22 properties; of which 60% of the contracts are in China and 40% across the globe in various countries including Austria and Indonesia.

The contracts for 10 properties and over 1,600 new units outside of China are set to open between 2021 and 2024.

Ascott’s first property in Austria (Citadines Danube City Vienna) will open in the country’s capital in 2022. With this new addition, they now have 6,500 units in 54 properties in Europe.

Largest International Serviced Residence Owner-operator in China

Ascott announced on 15 October 2020 that it has secured more than 2,100 new units across 12 properties in China in the last three months, reinforcing its position as the largest international serviced residence owner-operator in China, with about 30,000 units in over 150 properties.

This represents a 60% year-on-year growth in units in China with more than 5,600 units across 26 properties added in 2020.

Ascott is wholly owned by CapitaLand Limited (SGX:C31).

Continued to capture opportunities since Jan 2020

“The Covid-19 pandemic has brought the resilience and flexibility of Ascott’s business model to the fore.”

Ascott continues to grow worldwide, while expanding in China at record rate, signing new contracts with more than 9300 units in 48 properties worldwide in 2020.

With the easing of domestic travel restrictions in the country, Ascott has seen “strong recovery at our properties in China”, said Mr Kevin Goh CapitaLand’s Chief Executive Officer for Lodging and Ascott’s Chief Executive Officer.

Apartment revenue in September 2020 were close to 95% of that in September 2019, with robust occupancy rates from its resilient base of long-stay corporate guests and strong domestic leisure travel market. Close to 75% of its guests in China in September 2020 were domestic travellers, with tier one cities achieving average occupancy rate of over 86%.

New Properties launched in 2020

Demand for extended-stay properties continues to grow and Ascott has opened 17 properties with over 2,400 units in 2020. In China alone, they have opened over 1,200 units in seven new properties in Changsha, Guangzhou, Shanghai and Tianjin.

Outside of China, Ascott has opened 10 new properties with close to 1,200 units in Singapore, Bangkok (Thailand), Bangka Belingtung Island (Indonesia), Bundang (Korea), Gold Coast, Perth and Sydney (Australia), Osaka (Japan), London (United Kingdom) and Tours (France).

The Ascott Limited is a leading international lodging owner-operators. Ascott’s portfolio comprised nearly 119,000 units in 77,000 properties across more than 190 cities and 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and USA.

Ascott’s business has 2 complementary components – a real estate platform and a hospitality operating platform. The real estate platform generates returns through acquisition, active asset management and recycling, while the hospitality operating platform delivers recurring fee income through third-party management contracts and franchises.

The company’s serviced residence and hotel brands include Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello and POP!.

Ascott is wholly owned by CapitaLand Limited (SGX:C31).