Ascott Steps Up Global Growth With 14 New Properties Including Three LYF Coliving Properties In China, Japan And Malaysia
Adds over 2,000 units in Asia, Germany and Saudi Arabia; secures first Ascott The Residence property in Germany to be designed by world-famous architect Ole Scheeren
Singapore - CapitaLand's wholly owned lodging business unit, The Ascott Limited (Ascott), has clinched contracts to manage 14 properties with over 2,000 units across eight countries - China, Germany, India, Indonesia, Japan, Malaysia, Thailand and Saudi Arabia. Three of the 14 new properties are under its coliving 'lyf' brand, strategically located in the vibrant cities of Fukuoka in Japan, Kuala Lumpur in Malaysia and Shanghai in China.
Ascott's latest lyf properties in Fukuoka, Kuala Lumpur and Shanghai are set to enjoy a ready catchment of corporate and leisure travellers given their prime locations in the cities' major commercial and recreational hubs and proximity to tech unicorn companies. With these three new additions, Ascott has eight lyf properties with over 1,600 units under development in Singapore, China, Japan, Malaysia, Thailand and the Philippines. Ascott is also ramping up for the opening of its first lyf property, lyf Funan Singapore, in the heart of the city-state's Civic & Cultural District, in the fourth quarter this year.
Mr. Kevin Goh, Ascott's Chief Executive Officer, said: "Demand for our lyf-branded coliving properties is gaining ground. We are bringing lyf to Fukuoka, Kuala Lumpur and Shanghai as the buzzing start-up ecosystems in these cities have given rise to a popular culture of living and cocreating as a community among the millennials. Ascott's lyf properties, with their flexible communal spaces and social programmes, will cater to the lifestyle aspirations of creative professionals, technopreneurs, trendsetters and millennial travellers who seek collaborative and networking opportunities in the community."
"Millennials already account for a quarter of Ascott's customer base; and with our lyf brand, we can seize opportunities presented by the booming millennial generation, set to become the largest spending travel demographic in the near future. Besides Singapore, China, Japan,
Malaysia, Thailand and the Philippines where we will be opening lyf properties, we are also looking to bring lyf to other potential markets including Australia, France, Germany, Indonesia, and the United Kingdom."
The 14 new properties marked Ascott's first foray into Changchun, the second largest city in Northeast China, and deepened its presence in Foshan, Hong Kong, Shanghai and Shenzhen, China; Frankfurt, Germany; Fukuoka, Japan; Gurgaon, India; Jakarta and Semarang, Indonesia; Kuala Lumpur, Malaysia; Pattaya, Thailand; and Al Khobar in Saudi Arabia.
Among the 14 new properties is the 100-unit Ascott Riverpark Tower Frankfurt, to be designed by the world-famous architect Ole Scheeren. This is the first time Ascott is bringing its premier Ascott The Residence brand to Germany. Taking on a Jenga-like structure, the serviced residence will offer panoramic city and river views when it opens in 2022.
Meanwhile, the 118-unit Citadines Hongqiao Mixc Shanghai is secured under Ascott's strategic alliance with Nasdaq-listed Huazhu Hotels Group (Huazhu), one of China's leading hotel operators, and Huazhu's subsidiary CJIA Apartments Group. Citadines Hongqiao Mixc Shanghai is the fifth property under the alliance and is slated to open in 2019.
Under a strategic alliance with Ananda Development, one of Thailand's top listed developers, Ascott will be managing the 324-unit Somerset Blue Coast Pattaya. lyf Sukhumvit 8 Bangkok, set to open in 2020, is also one of the properties signed under this partnership.
Mr. Goh said: "We have continued to build on our strong growth momentum in the first quarter this year and accelerated Ascott's growth across Asia Pacific, Europe and the Middle East. Besides management contracts, Ascott's strategic alliances with market leaders such as NTT Urban Development Corporation in Japan, Huazhu Hotels Group in China and Ananda Development in Thailand continue to provide us with a strong pipeline of properties. In addition to the 14 new properties, we secured our first property in Australia under our recently launched Citadines Connect brand of select-service business hotels, extending our product offerings to owners and customers. With our serviced residences and apartments for corporate leasing targeting the long stay segment, to the middle-class business hotels under TAUZIA's brands and Citadines Connect select-service business hotels for shorter stays, we will fast-track Ascott's expansion to achieve our global target of 160,000 units by 2023."
Please refer to Annex A for the details of the new properties added to Ascott's portfolio and Annex B for more information on the lyf brand.
1 Tentative name.
Assistant Vice President, Corporate Communications
Phone: +65 6713 2864
About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. It has more than 58,000 operating units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as over 43,000 units which are under development, making a total of more than 101,000 units in over 670 properties.
The company's serviced residence and hotel brands include Ascott, Citadines, Citadines Connect, Somerset, Quest, The Crest Collection, lyf, Préférence, Vertu, Harris, Fox, Yello and POP!. Ascott's portfolio spans more than 170 cities across over 30 countries.
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 2019 for 'Best Serviced Residence Brand'; World Travel Awards 2018 for 'Leading Serviced Apartment Brand' in Asia, Europe and the Middle East; TTG China Travel Awards 2018 for 'Best Serviced Residence Operator in China'; Business Traveller Asia-Pacific Awards 2018 for 'Best Serviced Residence Brand'; Business Traveller UK Awards 2018 for 'Best Serviced Apartment Company' and Business Traveller China Awards 2018 for 'Best Luxury Serviced Residence Brand'. 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 real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth over S$100 billion as at 31 December 2018, comprising integrated developments, shopping malls, lodging, offices, homes, real estate investment trusts (REITs) and funds. CapitaLand's market capitalisation is approximately S$13 billion as at 31 December 2018. Present across more than 180 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam, Europe and the U.S.
CapitaLand's competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia - CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.
Visit www.capitaland.com for more information.