Somerset Medini Nusajaya — Photo by Ascott

Singapore – CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has strengthened its leadership position as the largest serviced residence operator in Southeast Asia with the clinching of seven new management contracts, adding over 1,500 apartment units to its portfolio. It has expanded in Bangkok in Thailand, Hanoi in Vietnam, and Petaling Jaya in Malaysia while venturing into Bandung in Indonesia, Penang and Shah Alam in Malaysia, and Nha Trang in Vietnam as demand for serviced residences heats up. It also celebrated the opening of Somerset Medini Nusajaya, Ascott's second serviced residence in Iskandar Malaysia.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "Southeast Asia is Ascott's fastest growing market and second largest globally after China. We started the year strongly by increasing Ascott's portfolio in Southeast Asia to more than 15,000 apartment units across 80 properties in nine countries. Currently, about 40% of our apartment units under development globally are concentrated in this region. We continue to see strong growth opportunities in the Southeast Asian markets, underpinned by rapid urbanisation, a large young population and rising domestic consumption. The recently established ASEAN Economic Community that aims to integrate these markets and lower trade barriers will further increase foreign investments, fuelling demand for quality accommodation. In the year ahead, we can expect to see this robust growth trajectory across the other geographies as Ascott picks up momentum to double our portfolio to 80,000 units globally by 2020."

He added: "Besides growing Ascott's presence in the capital cities, our entry into secondary cities such as Bandung, Penang, Shah Alam and Nha Trang will allow us to cater to the increasing demand for international-class serviced residences in these markets. Ascott will be the first international serviced residence company to set foot in these markets, as we have built a strong reputation for top quality and reliability, which are of utmost importance to travellers, expatriates and property owners. Many property owners around the world have chosen Ascott to manage their properties because we have the expertise in managing award-winning properties worldwide. These new properties will strengthen Ascott's position as the largest international serviced residence owner-operator in Indonesia, Malaysia, Thailand and Vietnam."

Bandung is the third most-visited city in Indonesia after Jakarta and Bali, attracting business, meetings and incentives as well as leisure travellers. Penang and Shah Alam are both home to industrial parks housing multinational companies and popular with domestic and international tourists. The coastal city of Nha Trang is one of Vietnam's key tourist destinations and an emerging economic hub of South Central Vietnam.

The new Somerset Ekamai Bangkok and Citadines Bayfront Nha Trang are slated to open at the end of 2016 while Somerset West Point Hanoi will open in 2017. Citadines Kings Bandung, Citadines Ara Damansara Petaling Jaya, Citadines Batu Maung Penang and Citadines Montfort Shah Alam will open progressively from 2019.

Somerset Medini Nusajaya (now open)

Somerset Medini Nusajaya is a short 15-minute drive from the Malaysia-Singapore Second Link and less than 30 minutes away from the Senai International Airport. As part of an urban wellness development, Somerset Medini Nusajaya is connected to a four-storey wellness centre, a five-storey corporate training centre with meetings and conventions facilities as well as retail outlets. The serviced residence is also next to the Gleneagles Medini Hospital.

Just a few minutes' walk away from Somerset Medini Nusajaya is LEGOLAND® Malaysia, where guests can enjoy more than 60 rides, slides, shows and attractions. Somerset Medini Nusajaya is also a 10-minute drive from Puteri Harbour where kids and adults alike can have fun at the Sanrio Hello Kitty Town and The Little Big Club Theme Park or unwind in one of the many restaurants and bars along the harbour.

Somerset Medini Nusajaya marries contemporary design with the comfort and familiarity of home. Residents can choose from 310 units ranging from studios to three-bedroom apartments, and experience a balanced lifestyle through a variety of facilities such as the gymnasium, swimming pool and children's playroom at the 33-storey serviced residence.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.

Joan Tan
Assistant Vice President, Corporate Communications
+65 6713 2864
The Ascott Limited