Ascott has strengthened its leadership position as the largest serviced residence operator in south-east Asia with the clinching of seven new management contracts, adding over 1,500 apartment units to its portfolio.
It has expanded in Bangkok in Thailand, Hanoi in Vietnam, and Petaling Jaya in Malaysia while venturing into Bandung in Indonesia, Penang and Shah Alam in Malaysia, and Nha Trang in Vietnam as demand for serviced residences heats up.
It also celebrated the opening of Somerset Medini Nusajaya, Ascott’s second serviced residence in Iskandar Malaysia.
Citing the group’s reasons to get into the various areas, Lee Chee Koon stated their intention to not only target business but leisure travellers.
Bandung is the third most-visited city in Indonesia after Jakarta and Bali, attracting business, meetings and incentives as well as leisure travellers.
Also, Penang and Shah Alam are both home to industrial parks housing multinational companies and popular with domestic and international tourists.
The coastal city of Nha Trang is one of Vietnam’s key tourist destinations and an emerging economic hub of South Central Vietnam.
The new Somerset Ekamai Bangkok and Citadines Bayfront Nha Trang are slated to open at the end of 2016 while Somerset West Point Hanoi will open in 2017.
Citadines Kings Bandung, Citadines Ara Damansara Petaling Jaya, Citadines Batu Maung Penang and Citadines Montfort Shah Alam will open progressively from 2019.