Singapore: The Ascott Limited (Ascott), has opened its first serviced residences in Hangzhou, China and Hamburg, Germany, as well as its second in Jakarta, Indonesia.
The company has also secured a management contract for its second Ascott-branded serviced residence in Dubai which is slated to open in 2017.
The 104-unit Citadines Intime City Hangzhou is homegrown Ascott’s 35th property to operate in China while the 185-unit Ascott Kuningan Jakarta is the company’s eighth property to open in Indonesia.
The 127-unit Citadines Michel Hamburg is Ascott’s fourth serviced residence in Germany, adding to its current properties in Berlin, Munich and Frankfurt. The 117-unit Ascott Culture Village Dubai will take Ascott’s portfolio in the GCC to 12 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.
Ascott’s CEO Lee Chee Koon said: “There are significant growth opportunities for serviced residences globally. We have opened two new properties in China and Germany which are key growth markets for Ascott. Indonesia and GCC also offer immense potential for serviced residences. As the capital city of Zhejiang Province, Hangzhou’s foreign direct investment grew by an average of more than 9% annually in the last five years. Hangzhou also attracted more than 90 million business and leisure travellers in 2013. Having our first property in the city will enable us to capture the demand as we also prepare to open Ascott Raffles City Hangzhou in 2017.”
He added: “Globally, Ascott has about 60 properties to be opened over the next few years. We are proud to be a Singapore brand that is internationally recognised, and we will continue to plant the Singapore flag in key cities across the world.”
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