Ascott achieves 139% YoY growth with record over 5,400 new units amid COVID-19 crisis
Ascott achieves 139% YoY growth with record over 5,400 new units added globally amid COVID-19 crisis
25 new properties signed as domestic demand for serviced residences remains resilient while international travel gradually resumes
Singapore, 17 June 2020– CapitaLand’s wholly owned lodging business unit,The Ascott Limited (Ascott), has set a new record by securing contracts for 25 new properties with over 5,400 units across nineteen cities globally. This is the largest number of new properties Ascott has clinched in the first five months of any year. This is also a 139% year-on-year increase in the number of units secured, compared to the same period in 2019.
Through the new properties, Ascott will expand its geographical reach into four new major cities in China, Indonesia and Morocco. Ascott will enter Zhengzhou, the capital of Henan Province; and Nanchang, the capital and largest city of Jiangxi Province. In Indonesia, it has expanded into Jayapura, the capital and largest city of Papua Province; and in Morocco, it has ventured into Casablanca, the largest city of Morocco. Ascott will also further strengthen its presence in key gateway cities such as Shanghai, Guangzhou and Chengdu in China; Batam and Surabaya in Indonesia; as well as Manila in the Philippines.
The 25 new properties are secured under management contracts, franchise contracts and a lease. The properties will open in phases between 2020 and 2024. This year, Ascott has also opened six new properties in Singapore; Changsha and Tianjin in China; Gold Coast in Australia; Osaka in Japan; and Tours in France.
Singapore, 21 November 2019 – Ascott Residence Trust (Ascott Reit) will join City Developments Limited (CDL) and CapitaLand Limited (CapitaLand) to redevelop the Liang Court site11 into an integrated development2. Ascott Reit has signed a put and call option agreement with CDL to divest 15,170 square metres (sq m) of the site’s gross floor area (GFA) for Somerset Liang Court Singapore for S$163.3 million3. With net proceeds from the divestment, Ascott Reit will redevelop the retained GFA of 13,034 sq m into a new Somerset serviced residence with a hotel licence. The land’s lease tenure will be refreshed from 57 years to 99 years. Upon completion, the estimated project development expenditure of the new property is approximately S$300 million4.
“Ascott’s record signing of 25 new properties globally despite the challenges of COVID-19 demonstrates that our partners recognise the resilience of our lodging products and the value Ascott brings as one of the leading international lodging owner-operators. We have a strong base of long-stay guests who appreciate the comfort of our spacious apartments where they can live and work. This has enabled our serviced residences globally to maintain robust average occupancy rates. We have already taken steps to ready Ascott to be the accommodation of choice in a post COVID-19 landscape and will continue to cement Ascott’s position as a dominant lodging player and deliver more value for our guests and business partners.”
- Mr Kevin Goh, CapitaLand's Chief Executive Officer for Lodging and Ascott’s Chief Executive Officer
Domestic demand for serviced residences remains resilient in China
Half of the 25 new contracts secured are in China. Ascott has also signed its first rental housing property in China, located in Shanghai. The expansion into the segment taps on the growing demand from young, mobile workers as well as returning students from abroad who are looking to rent quality fully furnished homes in the tier one and tier two cities on a long-term basis in China.
In 2Q 2020, a quarter of Ascott’s properties in China have achieved occupancy rates of over 70%. Ascott has also achieved 100% occupancy rate across some of its properties in cities such as Hangzhou, Suzhou and Wuxi over China’s five-day ‘Mini Golden Week’ public holiday1.
“Ascott remains confident in China’s long-term growth and will continue to seek good investment and partnership opportunities to expand our footprint. Since May 2020, Ascott has fully resumed operations of our properties in mainland China and we are seeing encouraging signs of recovery driven by the country’s strong domestic demand. With the implementation of green lanes between China and other countries such as Singapore2 and Korea3, we expect demand for our properties to pick up pace as international travel gradually resumes. We stand ready to welcome our new and returning guests to Ascott, their home away from home.”
- Mr Tan Tze Shang, Ascott's Managing Director for China and Head of Business Development for China
With the addition of the 25 new contracts, Ascott has a total of close to 118,000 units in over 700 properties worldwide. These new contracts will offer a boost towards achieving Ascott’s global target of 160,000 units by 2023.
Please see Annex A for highlights of some of the newly secured properties; and Annex B for the newly opened properties.
 China’s ‘Mini Golden Week’ took place from 1 May 2020 to 5 May 2020.
Located in the heart of the Central Business District (CBD) within the Gaoxin district in Chengdu, Citadines Gaoxin Chengdu is at the epicentre of the city’s buzzing retail and commercial scene, surrounded by shopping malls, restaurants, multinational corporations, high-tech enterprises and financial institutions.
The bus station to the bustling Yizhou Avenue Tianfu 3rd Street is just a minute walk from Citadines Gaoxin Chengdu. The serviced residence is also close to Tianfu 3rd Street metro station and Dayuan metro station. Shopping malls such as Fucheng International mall and Ito Yokado-Gaoxin are within a 10-minute drive away. Citadines Gaoxin Chengdu is also within a 30-minute drive to Chengdu Shuangliu International Airport and Chengdudong railway station.
The 373-unit serviced residence will be part of an integrated development that comprises a retail component. Citadines Gaoxin Chengdu will offer studio, one- and two-bedroom apartments. It will provide facilities such as gymnasium, breakfast lounge, residents’ lounge and function rooms.
Ascott Honggutan Nanchang (Opening 2022)
Ascott Honggutan Nanchang is a 342-unit serviced residence located within a mixed-use 258-metre high skyscraper. It is situated in the prime Honggutan CBD in Nanchang, the most vibrant city in Jiangxi Province. The property enjoys close proximity to shopping malls, restaurants, cafes, multinational corporations and financial institutions.
Ascott Honggutan Nanchang is a few minutes’ walk to the Middle Honggu Avenue metro station, a seven-minute walk to shopping malls such as Wanda Plaza and Shimao Plaza, a 20-minute drive to Nanchang railway station, and a 30-minute drive to Nanchang Changbei International Airport. Visitor attractions such as the Prince Teng Pavilion and Honggutan Wetland Park are also within a 15-minute drive away.
The serviced residence will offer studio and one-bedroom apartments. Its facilities include a swimming pool, gymnasium, residents’ lounge, breakfast lounge, meeting room, spa and children’s playroom.
Somerset Qitai Zhuhai is located within the Free Trade Zone in Xiangzhou district, a key commercial and industrial area in Zhuhai with many prominent local and international corporations. An array of restaurants, shops and supermarket are also within the immediate vicinity. Somerset Qitai Zhuhai is a six-minute drive to the Hong Kong-Zhuhai-Macau Bridge, which links two of China’s Special Economic Zones – Zhuhai and Hengqin.
The serviced residence is an eight-minute drive to Zhuhai International Convention and Exhibition Centre, a 10-minute drive to downtown Zhuhai, and a 20-minute drive to the Zhuhai railway station and Zhuhai Port Plaza, a popular shopping mall. Somerset Qitai Zhuhai is also near to attractions such as Chimelong Ocean Kingdom and Lionsgate Entertainment World.
The 228-unit serviced residence will be part of an integrated development that comprises office and retail components. Somerset Qitai Zhuhai will offer studio and one-bedroom apartments, with facilities including a swimming pool, gymnasium, children’s playroom and meeting rooms.
Somerset Tangzhen Shanghai (Opening 2023)
Adoor Tangzhen Shanghai (Opening 2023)
Somerset Tangzhen Shanghai and Adoor Tangzhen Shanghai will be part of a development that caters for long-term stay. Adoor Tangzhen Shanghai is Ascott’s first rental housing property in China. Located in Tangzhen, one of the most prominent towns in Shanghai’s Pudong district, the properties are near Jinqiao Export Processing Zone and Zhangjiang Hi-Tech Park where many pharmaceutical, biotech and IT companies are based. The properties are a 10-minute drive to the Tangzhen metro station, a 30-minute drive to Shanghai Disneyland, and a 45-minute drive to Shanghai’s Pudong International Airport.
Somerset Tangzhen Shanghai will offer 206 units comprising studio, one-, two- and three-bedroom apartments. It will provide facilities such as a swimming pool, gymnasium, lounge, children’s playroom and reading room. Adoor Tangzhen Shanghai will offer 320 studios and facilities such as a coworking area, shared kitchen, laundrette and an interactive fitness area.
Ascott Kineer Zhengzhou and Citadines Kineer Zhengzhou are both part of an integrated development that also comprises offices and a shopping mall. The serviced residences are located in the heart of the CBD within the Zhengdong New Area in Zhengzhou, a key commercial and financial hub of Henan Province. The properties are in the vicinity of many multinational corporations, financial institutions, restaurants and cafes. The serviced residences are a 10-minute walk to the Zhengzhou high-speed railway station, a 15-minute drive to Zhengzhou International Conference and Exhibition Centre, and a 30-minute drive to Zhengzhou International Airport.
The 160-unit Ascott Kineer Zhengzhou and the 190-unit Citadines Kineer Zhengzhou will provide studio, one- and two-bedroom apartments. Their shared facilities include a restaurant, lounge, meeting rooms, children’s play area, swimming pool, gymnasium, yoga studio, as well as a sauna and steam room.
Ascott North Point Hong Kong (Tentative name) (Opening 2024)
Ascott North Point Hong Kong is nestled in the upscale North Point district in the east of Hong Kong. The serviced residence offers convenient and prime city living with many famous local restaurants and cafes, banks, offices, supermarkets and convenience stores located close by. Ascott North Point Hong Kong is well connected to Hong Kong’s transportation network of trams and buses. It is also a three-minute walk to the North Point MTR station. The property is a 10-minute drive to Harbour North, one of the city’s most exciting shopping malls with stunning harbour views. The serviced residence is also a 30-minute drive to the Hong Kong International Airport. Ascott North Point Hong Kong will offer 116 apartments, comprising studio and one-bedroom units, with facilities including a swimming pool, gymnasium and breakfast lounge.
Ascott Pazhou Guangzhou (Opening 2024)
Ascott Pazhou Guangzhou is strategically located in the heart of Pazhou’s CBD within the Haizhu district in Guangzhou. Financial institutions and headquarters of high-tech multinational corporations such as Alibaba, Tencent and Xiaomi are nearby. Ascott Pazhou Guangzhou is situated next to Liede South light rail station and both Chigang and Pazhou West metro stations, offering easy access to the rest of the city. The property is also a five-minute drive to Zhujiang New Town’s CBD and the Canton Fair Complex. The 435-unit serviced residence is part of a mixed-use development that comprises a retail component. Ascott Pazhou Guangzhou will offer a variety of apartments, ranging from studio, one- to three-bedroom units. Guests will also enjoy facilities such as a swimming pool, gymnasium, sauna, indoor sky garden, children’s playroom and a restaurant with a magnificent view of the Pearl River and its surroundings.
Yunfu Suites Jiangyin (Opening 2024)
Yunfu Suites Jiangyin is located in Jiangyin city within the Gushan Town, one of the leading export hubs in China. The 150-unit serviced residence offers corporate travellers an ideal accommodation in the vicinity of industrial parks, corporations and local eateries. Yunfu Suites Jiangyin is a 30-minute drive to Wuxi East railway station and Zhangjiagang City Centre. The Sunan Shuofang International Airport is also a 40-minute drive away. The serviced residence will offer studio and one-bedroom apartments, with facilities including a breakfast lounge, function rooms and a gymnasium.
Citadines West Yan’an Road Shanghai (Opening year to be confirmed)
Citadines West Yan’an Road Shanghai is situated in a prime location - the intersection of Xuhui, Jing’an and Changning districts in Shanghai. The 277-unit serviced residence enjoys close proximity to multinational corporations, restaurants, bars, supermarkets, shopping malls, banks and medical facilities. It is within walking distance to both Jiangsu Road and West Yan’an Road metro stations. Citadines West Yan’an Road Shanghai is also a 15-minute drive to the Shanghai World Trade Exhibition Hall and the Shanghai International Trade Centre.
Somerset Tamansari Surabaya is nestled within an upscale neighbourhood in the modern district of Citraland in Surabaya, the second largest city in Indonesia. The 284-unit serviced residence is part of a mixed-use development which also comprises a retail component, and is surrounded by various dining options. It is situated next to Universitas Negeri Surabaya, one of the largest university campuses in the city. Somerset Tamansari Surabaya is a five-minute drive to National Hospital, and a 10-minute drive to Pakuwon Trade Centre and Pakuwon Mall, one of the most popular high-end shopping malls in Surabaya. It is also a 10-minute drive to two golf courses namely Pakuwon Golf and Ciputra Golf, and a 30-minute drive to Juanda International Airport. The serviced residence will offer one-, two- and three-bedroom apartments with facilities such as a swimming pool, gymnasium, residents’ lounge, breakfast lounge, meeting room, spa and children’s playroom.
FOX Hotel Jayapura (Opening 2020)
FOX Hotel Jayapura is located in the heart of Dr. Soetomo Street, which is also the commercial and business district in Jayapura, Papua Province. It is surrounded by commercial buildings, restaurants and shopping centres. The modern hotel is a seven-minute drive to Jayapura Mall, one of the most well-known shopping malls in the city, and a 50-minute drive to Sentani International Airport. Popular attractions such as Base-G Beach and Mandala Stadium, the largest multi-purpose stadium in eastern Indonesia, are within a 15-minute drive away. The hotel is also an 18-minute drive to Holtekamp Bridge, which connects the city with neighbouring country Papua New Guinea. FOX Hotel Jayapura will offer 113 rooms and its facilities include a restaurant, swimming pool, and three meeting rooms.
FOX Lite Hotel Majalaya (Opening 2021)
FOX Lite Hotel Majalaya is located in the southeast of Bandung City, a nine-minute drive from Majalaya train station. Ideal for both leisure and business travellers, the 120-room hotel is next to Three Matic Mall, the largest shopping mall in the district, and a 10-minute drive from Villa Kancil Waterpark, one of the city’s main leisure destinations. Facilities such as meeting rooms, restaurant, gymnasium and spa will also be available.
HARRIS Hotel Cibinong City (Opening 2022)
Located in Bogor’s Cibinong City district, HARRIS Hotel Cibinong City is a four-minute drive to Cibinong City Mall, the largest shopping mall in the district. The hotel is surrounded by schools and medical facilities. It is a 13-minute drive to Cibinong train station and a 35-minute drive to Jungleland Adventure Park. Halim Perdanakusuma Airport is also a 45-minute drive away. The 200-room hotel will feature facilities such as meeting rooms, a swimming pool, restaurant, spa and gymnasium.
HARRIS Hotel Kota Wisata Cibubur (Opening 2022)
HARRIS Hotel Kota Wisata Cibubur is located within the residential area of the Ciracas district in Jakarta. It is a 10-minute walk to the district’s Chinatown, and a 30-minute drive to attractions such as Taman Mini Indonesia Indah, Splash Waterpark and Mekarsari Fruit Park. HARRIS Hotel Kota Wisata Cibubur is also a 40-minute drive to Halim Perdanakusuma Airport. The property will offer 200 rooms with facilities such as a swimming pool, meeting room, restaurant, spa and gymnasium.
FOX Harris Hotel & Residences Bogor (Opening 2022)
FOX Harris Hotel & Residences Bogor is nestled in the serene area of South Bogor’s commercial and residential district. It is only a 15-minute drive from Bogor train station, which connects the city with Jakarta and other surrounding satellite cities. Guests will enjoy easy access to various leisure attractions, including Devoyage Bogor, a European-themed miniature park located just a 10-minute walk away; The Jungle Water Adventure; and the 87-hectare Bogor Botanical Garden, the oldest botanical garden in Southeast Asia. FOX Harris Hotel & Residences Bogor is within a 13-minute drive to Botani Square Mall, the city’s main shopping destination. The hotel will offer 250 rooms with a contemporary design, and facilities such as a restaurant, meeting rooms, swimming pool, gymnasium and spa.
YELLO Hotel Batam Centre (Opening 2022)
Located in Batam’s commercial district, YELLO Hotel Batam Centre is only a 10-minute walk from Mega Mall Batam Centre which is connected to the Batam International Ferry Terminal. The hotel offers a creative design and concept with a strong emphasis on street art and gaming. It is a 16-minute drive from Hang Nadim International Airport.
Citadines Racine Casablanca is Ascott’s first serviced residence in Morocco. It is located in the heart of Racine district, the CBD of Casablanca. The property enjoys proximity to many multinational corporations, as well as an array of shopping, dining and entertainment options. Citadines Racine Casablanca is a 10-minute drive to Station Tramway Marché Central, and a 15-minute drive to the main train station Casa Voyageurs. It is also an eight-minute drive to Anfaplace Mall, and a 15-minute drive to Morocco Mall, the largest mall in the African continent. The nearest airport, Casablanca Mohammed V International Airport, is a 30-minute drive away. The serviced residence will offer 123 units, comprising studio and one- to two-bedroom apartments. Facilities will include gymnasium, residents’ lounge and restaurant.
Citadines Connect River Park Manila (Opening 2026)
Citadines Connect River Park Manila marks the launch of Ascott’s business hotel brand, Citadines Connect, in the Philippines. It is also Ascott’s first property within Mandaluyong City. Citadines Connect River Park Manila is located near the CBD of both Ortigas and Makati, and enjoys proximity to many corporations, shopping and dining options. Citadines Connect River Park Manila is a 15-minute walk to the Guadalupe train station and terminal, and a 30-minute drive to Ninoy Aquino International Airport. The property will be part of a mixed-use development that also comprises a retail component. Citadines Connect River Park Manila will offer 150 rooms. Facilities will include a Grab & Go counter, Refresh & Recharge lounge, gymnasium, meeting pods and coworking spaces.
The Suites at TLM (Opening 2023)
The Suites at TLM is located in Malate district, a historical and financial hotspot in Manila with many schools, universities, medical facilities, government institutions, shopping malls and a train station in the vicinity. The property is close to the United States Embassy and Rizal Park, an iconic national park with open lawns, ornamental gardens, ponds and paved walks. It is within a 10-minute drive to shopping malls such as the Robinsons Place Manila and the Mall of Asia. Ninoy Aquino International Airport is a 20-minute drive away. The Suites at TLM will be part of a mixed-use development that also comprises coliving and commercial components. The serviced residence’s 164 units comprise studio, one- and two-bedroom apartments with facilities such as a swimming pool, gymnasium, meeting room, residents’ lounge and rooftop lounge.
Quest Robina is located in Gold Coast, famed for its long sandy beaches and surfing spots. It has a central location at Centreline Place and is well connected by the Pacific Motorway to the northern suburbs of the Gold Coast. Quest Robina enjoys close proximity to shopping meccas, medical facilities and business hubs. It is also a short drive from one of Australia’s most well-known regional tourism destinations, Surfers Paradise. Quest Robina offers 80 units comprising one-, two- and three-bedroom apartments. Its facilities include a swimming pool, a fitness centre and a business centre.
Citadines Xingsha Changsha is located at the centre of the Changsha Economic and Technological Development Zone (CETZ). The zone has attracted multiple foreign enterprises and domestic investors. The property is situated close to the bureau of CETZ and the headquarters of major corporations such as Guangzhou Automobile Group (GAC) FIAT, GAC Mitsubishi and Sany Group, a Chinese multinational heavy equipment manufacturing company headquartered in Changsha and the sixth largest in the world.
The serviced residence is located on the upper floors of an integrated development that also has a retail podium and offices. Citadines Xingsha Changsha is near to several shopping malls and is a five-minute drive from Changsha International School. The 220-unit serviced residence offers studio and one- to three-bedroom apartments. It has a wide range of facilities such as a swimming pool, gymnasium, launderette, restaurant, yoga studio, sauna room and a guest lounge.
Tujia Somerset Jundu Tianjin (Opened in June 2020)
Tujia Somerset Jundu Tianjin is located in downtown Tianjin, surrounded by commercial districts and industrial parks. The property enjoys proximity to metro stations, attractions, shopping malls, schools and parks. It is also a 25-minute drive to Tianjin Binhai International Airport. The serviced residence will offer 135 units comprising studio, one- to three-bedroom apartments with facilities such as a restaurant and gymnasium.
Château Belmont Tours, The Crest Collection (Opened in March 2020)
Château Belmont Tours is part of The Crest Collection, a prized selection of some of Ascott’s most prestigious and unique luxury serviced residences. Housed in an 18th century mansion, Château Belmont Tours is located amid a 2.5-hectare park in Tours, also known as The Garden of France. The property is surrounded by restaurants, retail options, schools and medical facilities. Château Belmont Tours is a seven-minute drive to Tours Cathedral, and a 20-minute drive to Loire Valley, a UNESCO World Heritage site known for its world class vineyards. SNCF train station and Tours Val de Loire Airport are also a 10-minute drive away. The property offers 65 units comprising suites and apartments as well as facilities such as a restaurant and bar, function rooms and a wellness area which includes a spa, an indoor heated swimming pool, hammam, sauna and fitness room.
Citadines Namba Osaka is part of the Takashimaya Higashi Annex, an integrated development which also comprises offices, shops and Takashimaya Historical Museum. With a central location in a vibrant financial, retail, and recreational hub, Citadines Namba Osaka is situated amid the buzz of Osaka’s popular entertainment and shopping scene. Nearby attractions include Dontonbori, Kuromon Market, Osaka Castle, Universal Studios Japan and Osaka Aquarium Kaiyukan. Citadines Namba Osaka offers 313 units, comprising studio, one- and two-bedroom apartments with facilities such as a restaurant, gymnasium, launderette, children’s playroom, residents’ lounge and meeting rooms.
Nestled in the heart of Tiong Bahru, D’Hotel Singapore is surrounded by a slew of chic cafes, boutiques and art galleries. The boutique hotel is also within a 15-minute walk to both Outram Park and Tiong Bahru MRT stations. Singapore’s CBD and Orchard Road shopping district are within a 10-minute drive away. D’Hotel Singapore provides 41 well-appointed rooms with facilities such as a fitness corner and a rooftop bar that offers a panoramic view of the city skyline.