Ascott opens over 56% more units in 1H 2022 and acquires first lyf property in Tokyo
Ascott opens over 56% more units in 1H 2022 and acquires first lyf property in Tokyo via its serviced residence global fund
Signs over 7,500 units in 1H 2022, a 32% year-on-year increase, as global travel recovers
CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit,The Ascott Limited (Ascott) is acquiring a freehold asset in Tokyo, Japan via the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority. The asset will be refurbished to introduce Ascott’s first lyf-branded coliving property in the city. The acquisition follows Ascott’s signing of over 7,500 units in 1H 2022, a 32% increase compared to the same period last year.
Ascott has also opened 20 properties with more than 4,500 units in 1H 2022, a 56% year-on-year (y-o-y) increase in units. In addition, Ascott has recently completed its acquisition of Oakwood Worldwide (Oakwood) in July 2022, expanding its portfolio by about 15,000 units to over 153,000 units across over 900 properties. The newly signed and opened properties as well as the addition of Oakwood will further boost Ascott’s recurring fee income.
The 140-unit coliving property to be named lyf Ginza Tokyo is ASRGF’s fourth acquisition in 2022, deploying close to S$400 million across four countries in under five months. Slated to open in June 2023, lyf Ginza Tokyo is set to meet the lodging demand of conglomerates and start-ups located nearby and cater to leisure travellers visiting the capital city. With the acquisition of lyf Ginza Tokyo, ASRGF will hold 12 properties with over 2,300 units across 91 countries.
“Ascott has completed our acquisition of Oakwood, and achieved strong organic growth in 1H 2022 with the addition of newly signed and opened properties across our brands. This allows us to build upon our recurring fee income stream. We have kicked-off the integration of Oakwood with Ascott, placing us in a stronger position to drive further growth, deliver higher returns to our property owners and offer better experiences to our guests.
As a vertically-integrated global lodging business, Ascott is able to leverage our full suite of real estate investment and management capabilities for expansion. In addition to increasing our recurring fee income via new management and franchise contracts, we see opportunities to grow our funds under management through our private funds such as ASRGF and our Student Accommodation Development Venture. We will continue to step up our growth as demand for lodging increases with the resumption of international travel.”
- Mr Kevin Goh, CLI's CEO for Lodging
Mr Mak Hoe Kit, Ascott’s Managing Director for Lodging Private Equity Funds and Head of Business Development, said: “Extended stay lodging assets such as serviced residences and coliving properties are becoming increasingly attractive as an investment class. Investors have recognised its resilience to withstand economic challenges and flexibility to reap the benefits during an upswing in demand. Partnering with Ascott allows investors to leverage our award-winning lodging operations to add more value to their investments. With the addition of lyf Ginza Tokyo, we are close to the full deployment of ASRGF. We seek to establish more lodging funds and attract like-minded capital partners to tap on Ascott’s established investment and operational expertise to grow. Through our strong local team’s expertise in deal origination, we continue to hunt for under-valued and/or under-performing assets which we will then further enhance their performance.”
Acquisition of lyf Ginza Tokyo expands ASRGF’s portfolio to 12 properties
Boost to Ascott’s global presence and recurring fee income in 1H 2022
Aside from lyf Ginza Tokyo, 88% of the new units Ascott signed in 1H 2022 were on management or franchise contracts, while 12% of the units were investments through Ascott’s private funds or its hospitality trust Ascott Residence Trust.
Among the new units added in 1H 2022 are four rental housing properties under Ascott’s Adoor brand in China. This includes the 1,412-unit Adoor Apartment Shanghai (New Development), Ascott’s largest property in China, as it seeks to tap on the increasing demand from young and mobile professionals looking to rent fully-furnished homes on a longer-term basis in China. Ascott has also signed three Ascott-branded properties and five Somerset-branded properties in China. In addition, Ascott has secured 10 Citadines- and Citadines Connect-branded properties in Singapore, China, Malaysia, South Korea, Vietnam, Netherlands, Ethiopia, and Turkey; as well as four Quest-branded properties in Australia. The properties are slated to open between 2022 and 2026.
For more about lyf Ginza Tokyo and highlights of new properties signed and opened in 1H 2022, please see the Annex.
Expansion of Ascott Star Rewards to further strengthen customer engagement
Since its launch in 2019, Ascott’s loyalty programme Ascott Star Rewards (ASR), continues to see high demand, with its membership growing 40% y-o-y and member bookings more than tripled in 1H 2022 compared to 1H 2021. With the completion of the acquisition of Oakwood, membership is expected to further increase. ASR members currently contribute about 90% of Ascott’s direct bookings online and more than 50% of ASR members are repeat guests.
1 ASRGF’s properties are in Australia (Melbourne and Sydney), China (Ningbo), France (Paris), Indonesia (Jakarta), Japan (Tokyo), Netherlands (Amsterdam), Singapore, United Kingdom (London) and Vietnam (Hanoi).
lyf Ginza Tokyo is set to meet the demands of next-generation leisure and corporate guests. Suitable for both short and long stays, the 140-unit property offers a range of apartment types. Guests can choose from either the ‘One of a Kind’ studio apartment or the larger ‘One of Kind Plus’ unit. Facilities at lyf Ginza Tokyo include a ‘Connect’ coworking lounge, a ‘Bond’ social kitchen, a ‘Wash & Hang’ laundrette, a ‘Say Hi’ lobby cafe and ‘Burn’, a gymnasium.
lyf Ginza Tokyo is surrounded by three well-known districts in Tokyo – Ginza, Nihonbashi and Yaesu. The world-renowned shopping district of Ginza is about a five-minute walk from the property. Nihonbashi and Yaesu are primarily business and commercial districts. lyf Ginza Tokyo is well-positioned to serve the lodging needs of corporations in the area. A number of large-scale projects under development nearby such as the Tokyo Midtown Yaesu and the New Toda Building will boost the demand for lyf Ginza Tokyo when completed.
Guests at lyf Ginza Tokyo will be well-connected to the rest of the vibrant city with the Kyobashi subway station just a minute walk away and the main Tokyo regional railway station a 10-minute walk away. Guests can take a 15-minute subway ride to other popular lifestyle and entertainment districts such as Shinjuku and Shibuya. There is also a direct train connection to the Narita International Airport and Haneda Airport.
lyf Ginza Tokyo will be refurbished and designed to be green-certified. The property is slated to achieve a ‘4 Star’ rating under the Comprehensive Assessment System for Built Environment Efficiency (CASBEE) methodology by Japan’s Institute for Building Environment and Energy Conservation.
Through the newly added units, Ascott will enter new cities such as Banjarnegara and Garut in Indonesia; Busan in South Korea; Antalya in Turkey; and Lincoln, Nebraska in the United States of America.
Citadines Science Park Singapore (Opening 2024)
Citadines Science Park Singapore is the first Citadines-branded property in Singapore Science Park, a research, development and technologies hub that is home to multinational corporations (MNCs) and laboratories. It is part of a greenfield mixed-use development and is surrounded by restaurants, offices, tertiary institutions, hospitals and parks. Citadines Science Park Singapore is a five-minute walk to Kent Ridge subway station and a 25-minute drive to Changi Airport. Attractions such as Universal Studios Singapore, Haw Par Villa and Gardens by the Bay are a 15-minute drive from the property. Citadines Science Park Singapore will offer 250 studio, studio loft and studio premier apartments as well as facilities such as a cafe, an indoor gymnasium, meeting rooms, a residents’ lounge, a restaurant, a shared working space and a swimming pool.
Located strategically within Jiangdong New Area Central Business District (CBD), Ascott Jiangdong Haikou is part of a mixed-use development that also comprises retail and office components. The serviced residence overlooks the Qiongzhou Strait and is within walking distance to the beach. The property is a 20-minute drive to Haikou Meilan International Airport and Meilan high-speed railway station, as well as a 30-minute drive to Haikou Old Town. Ascott Jiangdong Haikou will offer 230 studio, one- and two-bedroom apartments as well as facilities including a children’s playroom, a gymnasium, meeting rooms, an outdoor infinity swimming pool, a residents’ lounge, a restaurant, a sauna and steam room and a yoga studio.
Somerset New Development Shanghai (Tentative Name) (Opening 2026)
Adoor Apartment Shanghai (New Development) (Tentative Name) (Opening 2025)
上海雅遇长租公寓 (外高桥) (暂定名)
Somerset New Development Shanghai and Adoor Apartment Shanghai (New Development) are strategically located within the Waigaoqiao Free Trade Zone, at the intersection of Lixin Road and Wan An Street. The properties are surrounded by restaurants, cafes, international schools, offices, and retail outlets. The properties are also a short drive to Jinjing Road station and Wuzhou Avenue station as well as a 35-minute drive to Shanghai Pudong International Airport.
Somerset New Development Shanghai will offer 288 studio, one- and two-bedroom apartments as well as facilities including a breakfast lounge, a business centre, a children’s room, a communal kitchen, a gymnasium, a multifunction room, a residents’ lounge and a theatre. Adoor Apartment Shanghai is Ascott’s largest property in China. It will offer 1,412 studio and one-bedroom apartments as well as facilities including a breakfast lounge, a communal kitchen and a gymnasium.
Citadines Huadi River Liwan Guangzhou (Tentative Name) (Opening 2024)
Citadines Huadi River Liwan Guangzhou is located in the Liwan Hailong Science and Industrial Zone in Guangzhou and near to Foshan Qiandeng Lake Area, the CBD of Foshan. It is part of a mixed-use development that also comprises office and retail components, and is surrounded by department stores, restaurants, supermarkets and pharmacies. Citadines Huadi River Liwan Guangzhou is a 10-minute walk to Jushu and Xilang subway stations. Attractions such as Shamian Island, Chimelong Paradise and Foshan Qiandeng Lake are easily accessible from the property. Citadines Huadi River Liwan Guangzhou will offer 200 studio, one- and two-bedroom apartments as well as facilities such as a children’s playroom, a gymnasium, a meeting room, a restaurant, a residents’ lounge and a yoga room.
Adoor Apartment Shanghai (Jiading) is located in Jiading District, northwest of Shanghai, which is home to many of the world’s top automobile companies. It is surrounded by shopping malls, schools, restaurants and supermarkets. The property is a 15-minute drive to North Jiading station and a 45-minute drive to Shanghai Hongqiao International Airport. From Adoor Apartment Shanghai (Jiading), attractions such as Jiading Wistaria Garden is a 15-minute drive away while Shanghai Audi International Circuit, Nanxiang Old Street and Shanghai Auto Museum are a 30-minute drive away. Adoor Apartment Shanghai (Jiading) will offer 158 studio and two-bedroom apartments as well as facilities including a common kitchen area, a gymnasium and a study area.
Adoor Apartment Wuxi (East New City) (Tentative Name) (Opening 2023)
无锡雅遇长租公寓 (国际人才港) (暂定名)
Adoor Apartment Wuxi (East New City) is located in Xishan, a cultural and historical district in Wuxi. The property is surrounded by restaurants, schools and shopping malls. It is a short walk to Wuxi Metro Line 2, a five-minute drive to Wuxi East high-speed railway station and a 25-minute drive to Sunan Shuofang International Airport. From Adoor Apartment Wuxi (East New City), Yingyue River Park is a 10-minute walk away and attractions such as Wuxi Museum, Qingming Bridge and Huishan Ancient Town are a 30-minute drive away. Adoor Apartment Wuxi (East New City) will offer 240 studio and one-bedroom apartments as well as facilities such as a gymnasium and a shared kitchen.
Adoor Suites Suzhou (Financial Innovation Centre) is located in Suzhou New District, Jiangsu Province, a region designated for technological and industrial development. The property is part of a mixed-use development that also comprises offices and hotel components, and is surrounded by restaurants, supermarkets and shopping malls. Adoor Suites Suzhou (Financial Innovation Centre) is a short walk to Line 3 and 5 subway stations, a 15-minute drive to Suzhou high-speed railway station and a 40-minute drive to Sunan Shuofang International Airport. Attractions such as the Suzhou Amusement Park, Hanshan Temple and Tiger Hill Pagoda are a 20-minute drive from the property. Adoor Suites Suzhou (Financial Innovation Centre) will offer 228 one-bedroom apartments as well as facilities such as a coworking space, a gymnasium, a multifunction room and a residents’ lounge.
Citadines Bole Addis Ababa (Opening 2025)
Citadines Bole Addis Ababa is located on Namibia Street within Bole, the CBD of Addis Ababa, capital city of Ethiopia. It is surrounded by shopping malls, restaurants, hospitals, schools and parks. The serviced residence is a 10-minute drive to Addis Ababa Bole International Airport. Attractions such as Bora Amusement Park, National Museum of Ethiopia, National Palace and Merkato are a 15-minute drive from the serviced residence. Citadines Bole Addis Ababa will offer 137 studio, one- and two-bedroom apartments as well as facilities including a gymnasium, a residents’ lounge and a restaurant.
Strategically located on the Cipana Outer Ring Road, which is slated to complete in 2024, Harris Resort Garut is envisaged to be a popular gateway destination for staycations and out-of-city conventions. Harris Resort Garut will offer 135 rooms as well as facilities such as a ballroom, a gymnasium, a lounge, a restaurant and a swimming pool.
FOX Harris Hotel & Conventions Banjarnegara (Opening 2022)
Located along the main road connecting large towns Purwokerto and Wonosobo, FOX Harris Hotel & Conventions Banjarnegara, is next to Depo Pelita, the city’s largest shopping mall. The property is surrounded by restaurants, schools and supermarkets. Attractions such as Serulingmas Zoo and Banjarnegara City Park are a 10-minute drive from the hotel. The property will offer 114 rooms as well as facilities including a ballroom, a gymnasium, a lounge, meeting rooms, a restaurant and a swimming pool.
Citadines Connect Georgetown Penang is Ascott’s first Citadines Connect brand of business hotels in Penang. It is located in Georgetown, a designated UNESCO World Heritage Site in Penang. The property is part of a conserved heritage building site that also comprises dining and retail components and is surrounded by medical facilities, restaurants, schools and shopping malls. It is a 30-minute drive to Penang International Airport. Attractions such as Wonderfood Museum, Escape Georgetown Penang and Rainbow Skywalk at Komtar are a 10-minute drive from the hotel. Citadines Connect Georgetown Penang will offer 143 rooms as well as facilities including a cafe, a gymnasium and a swimming pool.
Citadines Connect Hari Busan (Opening 2022)
Citadines Connect Hari Busan is Ascott’s first Citadines Connect brand of business hotels in South Korea. It is located in Yeongdo, Busan, the economic, cultural and educational centre of southeastern Korea. The property is part of a mixed-use development that also comprises residential and retail components. Surrounded by restaurants, supermarkets and cafes, Citadines Connect Hari Busan is also near to various public institutions including Korea Institute of Ocean Science & Technology. The property is a 20-minute drive to Busan KTX station and a 50-minute drive to Gimhae International Airport. From Citadines Connect Hari Busan, attractions such as National Maritime Museum, Taejongdae Resort Park and Jeoryeong Coastal Walk are a 10-minute drive away while the famous Haeundae Beach is a 40-minute drive away. Citadines Connect Hari Busan will offer 103 rooms as well as facilities such banquet and meeting rooms, a gymnasium, an infinity pool and a restaurant.
Citadines Lara Antalya (Opening in 2025)
Citadines Lara Antalya is located within the Lara district in Antalya, a resort city in Turkey. The famous Lara Beach, one of the longest beaches in the country, is just a five-minute drive from the serviced residence. Citadines Lara Antalya is surrounded by medical facilities, restaurants, schools and shopping malls. From the property, attractions such as Duden Waterfalls is a 10-minute drive away, while Hadrian’s Gate and Antalya Clocktower are a 30-minute drive away. Citadines Lara Antalya is a five-minute drive to Antalya Airport. The serviced residence will offer 97 units comprising studio and one-bedroom apartments. Facilities will include a gymnasium, a meeting room, a restaurant and a spa.
Citadines South Vienna is located in Favoriten, a district well-known for its appealing architecture. From the serviced residence, guests can easily access the city centre via car and public transport. Numerous attractions are located nearby, such as the Bohemian Prater with its amusement rides and the Oberlaa spa park with its botanical gardens. Citadines South Vienna is also close to Wienerberg City, one of Vienna’s largest business districts where the headquarters of MNCs as well as numerous restaurants and shops are located. The serviced residence offers 48 modern and stylish studio, one- and two- bedroom apartments. Selected apartments also feature a private balcony. Facilities include a business corner, a fitness corner, a launderette as well as a welcome lounge that features relaxing piano music, a pool table and a reading corner.
Citadines Flatiron Phnom Penh is located within Phnom Penh City Centre and is near government offices, office towers and shopping malls such as Khalandale Mall and Eden Garden. Attractions such as Central Market, Wat Phnom, Sisowath Quay and the Phnom Penh Royal railway station are a 10-minute drive from the property, making it an ideal accommodation hotspot. Citadines Flatiron Phnom Penh is a 30-minute drive to Phnom Penh International Airport. The property offers 315 rooms, studio and one- to three-bedroom apartments as well as facilities including a fitness zone, a launderette, a sauna, a social lounge and coffee corner, a swimming pool and a yoga studio.
Situated in Tianfu New Area's Qinhuang CBD, Ascott Qinhuang Chengdu offers an expansive view of the city from its sky bar. The serviced residence is close to Tianfu Central Park and Luxi River Ecological Zone, where guests are able to relax and recharge. Ascott Qinhuang Chengdu is easily accessible via the metro, with a short walk to Tianfu Commercial District subway station and a 10-minute walk to West China International Expo City subway station. Ascott Qinhuang Chengdu offers 284 studio and one- to three-bedroom apartments as well as facilities including an indoor swimming pool, meetings rooms, a residents’ lounge and a restaurant.
Home to the country’s oil and energy capital, Somerset City Centre Atyrau is a 15-minute drive from Atyrau International Airport. The property is near restaurants, the bustling Satpayey Street, the popular Baizaar Mall and the picturesque Zhayik River that runs across the country. Somerset City Centre Atyrau offers 139 studio, one- to three-bedroom apartments and penthouses as well as facilities including a bar, a gymnasium, a meeting room, an outdoor kids’ area, a restaurant and a swimming pool.
Strategically located at Nairobi’s CBD, Somerset Westview Nairobi is surrounded by international schools, medical facilities and shopping avenues overlooking lush gardens. The property is a 40-minute drive to Jomo Kenyatta International Airport. Somerset Westview Nairobi offers 162 one- and two-bedroom apartments as well as facilities including a children’s playroom, a gymnasium, a residents’ lounge, a restaurant, a rooftop bar and a swimming pool.
Located in the heart of Malaysia’s capital city, Ascott Star KLCC Kuala Lumpur is easily accessible to the city’s most celebrated attractions. Surrounding the serviced residence are art galleries, historic monuments, street food stalls, and the National Museum. The property is a short walk to the KLCC Light Rail Transit subway station and a 60-minute drive to Kuala Lumpur International Airport. Ascott Star KLCC Kuala Lumpur offers 298 studio, one- and two-bedroom apartments as well as facilities including a children’s playground, a gymnasium, a jacuzzi, a karaoke room, a reading lounge, a sports lounge and a yoga studio.
Citadines Al Ghubrah Muscat is strategically located near Sultan Qaboos Street, Muscat's arterial link to Muscat City Centre shopping mall and Muscat International Airport. Surrounded by the city's largest malls as well as exhibition centres, embassies and tourist attractions, the property is ideal for business and leisure travellers. Citadines Al Ghubrah Muscat offers 96 studio and one-bedroom apartments as well as facilities including a banquet room, a fitness corner, meeting rooms, a residents’ lounge, a restaurant and a swimming pool.
Somerset Downtown Al Khobar is in the heart of the city’s prime entertainment and business district, located on Prince Faisal Bin Fahd Road. The property is near major roads that allow easy access to King Fahd International Airport, King Abdul Aziz Port, and King Fahd Causeway. The property is part of a dynamic neighbourhood comprising beaches, culinary treats, gardens, museums, shopping malls and water sports facilities. Somerset Downtown Al Khobar offers 139 one- to three-bedroom apartments as well as facilities including a children’s play area, a gymnasium, meeting rooms, a restaurant and a swimming pool.
Citadines Marina Halong offers guests majestic views of Halong Bay, a UNESCO World Heritage Site. The property is a short drive to the harbour for easy access to day trips through the bay and stopping off for exciting excursions. Vietnam’s other major cities are just a few hours away from Citadines Marina Halong via the recently opened Van Don and Cat Bi International Airports as well as the Hanoi–Hai Phong Highway, which connects Halong to the capital. Citadines Marina Halong offers 580 hotel rooms, studio and one- to three-bedroom apartments as well as facilities including a fitness zone, a kids’ club, a restaurant, a rooftop swimming pool, a social lounge and yoga studio.