Industry Update
Press Release 4 February 2016

Ascott Debuts 2016 In Southeast Asia With Seven New Contracts And An Opening To Strengthen Its Leadership Position As The Region’s Largest International Serviced Residence Operator

Expands global footprint to secondary cities of Bandung, Penang, Shah Alam and Nha Trang to cater to strong demand

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Somerset Serviced Residence

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.

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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.

Related Brand

Somerset Serviced Residence

Somerset Serviced Residence welcomes you with homely warmth and enriches your elegant lifestyle with local experiences. Feel the pulse of major cities, the communal chic in elite estates, or get away from it all in private tranquillity.
brand information
Other Brands operated by The Ascott Limited
Ascott The Residence
Citadines
Citadines Connect
Fox Hotels
Harris Hotels
LYF
POP! Hotels
Préférence Hotels
Quest Apartment Hotels
The Crest Collection
Vertu Hotels
Yello Hotels

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 180 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.

Ascott has about 70,000 operating units and over 48,000 units under development, making a total of about 118,000 units in over 700 properties.

The company's serviced residence and hotel brands include Ascott The Residence, he Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello and POP!.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2020 for 'Best Serviced Residence Brand'; World Travel Awards 2019 for 'Leading Serviced Apartment Brand' in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2019 for 'Best Serviced Residence Brand'; Business Traveller China Awards 2019 for 'Best Luxury Serviced Residence Brand'; and TTG China Travel Awards 2019 for 'Best Serviced Residence Operator in China'. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand Limited (CapitaLand) is one of Asia's largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth S$131.9 billion as at 31 December 2019. CapitaLand's portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 200 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.

CapitaLand has one of the largest real estate investment management businesses globally. It manages seven listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, CapitaLand's REITs and business trusts have expanded to include Ascendas Real Estate Investment Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

Contact
Joan Tan
Assistant Vice President, Corporate Communications
Phone: +65 6713 2864
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