Serviced ApartmentsServiced residences continue to rake in over 60% of new signings, and double the number of units opened year-on-year in 2021.

Ascott hands in stellar long-stay lodging figures for 2021

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New 2021 signings include Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha).
New 2021 signings include Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha).

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 Thailand.

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.

In Asia, expansion plans are in the works for new cities including Boao and Sanya in China; as well as Padang Pariaman and Tasikmalaya in Indonesia.

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 three brands.

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.

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