Ascott Expands into Europe, Asia

The Ascott Ltd. is expanding the network of its serviced residences by adding new facilities in Hangzhou, Hamburg and Jakarta.
Ascott Jakarta

Ascott Jakarta

The Ascott Ltd. is expanding the network of its serviced residences by adding new facilities in Hangzhou, Hamburg and Jakarta. The company has also completed contracts that would add a second location in Dubai, set to be completed in 2017. This marks expansion on two continents for the CapitaLand-owned serviced residence business unit, with a total of 416 units added to the portfolio in the already-operating Hamburg, Jakarta and Hangzhou facilities.

The newly-opened facility in China, the Citadines Intime City Hangzhou, is the 35th venue operated by Ascott in the country. The property adds 104 serviced units, cementing the company’s status as the largest owner-operator of serviced residences in the country. Located near the city’s three major business districts, the property offers a range of studio and two-bedroom apartments, and offers amenities such as a gym, café, billiard room, launderette, mini cinema, children area, breakfast lounge, business center and meeting rooms.

The Indonesian facility, the company’s eighth property, Ascott Kuningan Jakarta adds 185 units to the local market, further strengthening Ascott’s position on the continent. The facility offers rates starting from $150 per night until Dec. 30th. The resident amenity package includes swimming pool, tennis, basketball and badminton courts, a gym, aerobics room, children’s playground, wading pool, terrace, café, and meeting facilities.

Ascott also opened its fourth serviced residence facility in Germany, the Citadines Michel Hamburg. The venue adds 127 units to the German market, joining other existing facilities in Berlin, Munich and Frankfurt. The building is located just 30 minutes away from the Hamburg airport. In-unit features include complimentary Internet access and fully-equipped kitchens with modern appliances: microwave, refrigerator and dishwasher.

In coming years, the operator will add to its Gulf Cooperation Council portfolio with the announced opening of the Ascott Culture Village Dubai. Set for a 2017 opening, this will be the company’s second presence in Dubai and its 12th in the GCC.

Lee Chee Koon, CEO of Ascott, pointed out in the press statement announcing the expansion, saying that the company is seeing significant growth opportunities across the globe. Mr. Lee also noted Ascott’s Chinese and German market additions, noting that the countries are key growth markets for the Singapore-based entity.