SINGAPORE (EDGEPROP) - CapitaLand’s wholly owned lodging business unit, The Ascott, added a record of more than 14,200 units across 71 properties globally to its portfolio for 2020. This will boost Ascott’s annual fee income by over $27 million as the properties open progressively and stabilise, says the developer.
Since October 2020, Ascott has added more than 4,900 units across 23 properties to its portfolio, which includes over 3,800 units across 17 properties in China.
Among the newly secured properties are two rental housing properties in Shanghai and Hangzhou, marking the business’s increased presence in China’s rental housing sector.
“Ascott’s expansion into the rental housing 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,” says Tan Tze Shang, Ascott’s managing director for China and head of business development for China.
“We have also infused new technologies into the more traditional rental housing sector by enabling our guests to pay rent and utilities, submit requests and book facilities digitally to increase guest satisfaction and improve operational efficiency,” Tan adds.
Ascott will also make its first foray into the city of Yangzhou, while expanding in cities like Beijing, Chengdu, Chongqing, Guangzhou, Hangzhou, Shanghai, Shenzhen and Wuhan.
Outside of China, Ascott has sealed contracts for over 1,000 new units, across six properties, in markets like Doha, Qatar; Manila, Philippines; Singapore; and Sydney, Australia.
In Vietnam, Ascott is set to introduce its first lyf co-living property and first Citadines Connect business hotel in Binh Duong and Danang respectively.
The lodging business estimates that over 80 properties with some 17,000 units will open this year.