Despite the pandemic, Ascott has handed in a stellar growth report
for 2021, signing 15,100 units globally — with new entries in existing
robust market China, as well as in Indonesia, Australia, Vietnam and
The target is to meet 160,000 units globally by 2023.
Serviced residences continue to be Ascott’s mainstay, making up more
than 60% of the new signings while the number of hotels secured grew in
2021 as well — double that of 2020 — to the tune of more than 8,200
openings in 25 cities globally.
They include Ascott’s first Adoor-branded rental housing property,
Adoor Apartment Heda Hangzhou (Xiasha) and its first lyf-branded
coliving property, lyf Mid- Town Hangzhou, in China — which will
continue to be a key market for the group, where 11 out of 28 newly
signed properties in the last five months are located.
In 2021, properties in tier one cities such as Beijing, Guangzhou,
Shanghai and Shenzhen recorded average occupancy rates of more than 80%.
This is in part due to the revival of China's domestic leisure market,
and growing demand from young professionals as well as returning
students from abroad looking for longer-term stay options.
In light of the global restrictions on travel, Kevin Goh, CEO,
lodging of CapitaLand Group and CEO of Ascott, previously shared with
Travel Weekly Asia that having contracts with long-stay corporates while
rising interest from leisure and staycation guests are helping to
provide occupancy stability for serviced apartment operators amid the
current Covid-19 storm.
Asia, expansion plans are in the works for new cities including Boao
and Sanya in China; as well as Padang Pariaman and Tasikmalaya in
Vietnam in particular saw a record signing of some 3,000 units,
including a partnership with Sun Group for Ascott to manage the
country's largest serviced residence integrated development within the
Tay Ho View Complex in Hanoi. It is expected to offer 1,905 units across
Ascott also has plans to strengthen its presence in existing cities,
such as Melbourne in Australia; Vienna in Austria; Guangzhou, Shanghai,
Shenzhen, Tianjin, Wuhan, Wuxi, Xi’an and Zhuhai in China; Addis Ababa
in Ethiopia; Bandung, Bekasi, Jakarta and Yogyakarta in Indonesia;
Bangkok in Thailand; and Ho Chi Minh City in Vietnam. The properties are
slated to open between 2022 and 2026.