Singapore: The Ascott Limited is ending its 30th anniversary year with an acquisition and a new territory for its top level brand.
It has acquired the recently-opened 185-unit Ascott Kuningan Jakarta for S$90 million under a conditional agreement with PT Ciputra Adigraha, a subsidiary of Jakarta-listed PT Ciputra Property Tbk.
Ascott has also secured a contract to manage the 222-unit Ascott Waterfront Saigon from Canh Hung Hai Thanh Corporation, an affiliate company under the management of developer, M.I.K Corporation. The river-front property located in downtown Ho Chi Minh City will be the first Ascott-branded serviced residence in Vietnam and Ascott’s 13th property in the country when it opens in 2016.
In total Ascott has added 25 properties with more than 4,500 apartment units to its global network through acquisitions, management contracts, strategic alliances, franchises and leases this year.
www.the-ascott.com
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