The Ascott Limited (Ascott) has revealed that it has exceeded its target of 20,000 units for China in 2017, ahead of its planned schedule for 2020, having signed contracts to manage nine properties with over 2,000 units in the region.
The new properties will mark Ascott’s entrance into Harbin and Zhuhai, as well as further its presence in Chongqing, Foshan, Shanghai and Wuxi.
Ascott’s recently appointed CEO, Kevin Goh stated: “With these nine new management contracts secured in China, Ascott has exceeded our target of 20,000 units for our biggest market China three years ahead of schedule.”
He continued: “2017 was our strongest year, as Ascott’s global portfolio crossed 72,000 units, adding a record high of about 24,000 units within the year. We are confident of achieving our global target of 80,000 units in 2018, well ahead of 2020, as we press ahead with our aggressive expansion plans via strategic alliances, management contracts, franchises and investments.”
Managing director for China, Ascott, Tan Tze Shang also spoke on the achievement: “Ascott has been fast expanding in China, and the achievement of our 20,000-unit target is testament of our partners’ confidence our brand’s strong brand reputation and management excellence.
“In 2017, we made our foray into Handan, Xuzhou, Yichang, Kunming, and now Harbin and Zhuhai. Harbin is a key political, economic and technological centre of Northeast China while our entry into Zhuhai will entrench Ascott’s business in South China, specifically the economic zone of the Pearl River Delta, one of the fastest growing regions in China that is earmarked for further development into a world-class metropolis1,” he added.
Ascott’s current portfolio in China consists of over 20,000 units in more than 110 properties across 31 cities. Of the nine new properties, Somerset Gubei Shanghai will be the first to open in 2018, while Ascott Raffles City Chongqing and Tujia Somerset City Hub Zhuhai Serviced Residence are scheduled to open in 2019.
Meanwhile, Ascott Jing’an Shanghai and Citadines Baoyu Riverview Harbin are targeted to open in 2020. Ascott Zumiao Foshan, Ascott Gaoxin Wuxi and Gaoxin Serviced Residence Wuxi are slated to start operations in 2021, and Ascott Hengqin Zhuhai is due to open in 2023.
Besides Ascott Raffles City Chongqing, four other properties which are part of CapitaLand’s Raffles City-branded integrated developments include operating ones such as Ascott Raffles City Beijing, Ascott Raffles City Chengdu, and Ascott Raffles City Shenzhen, as well as Ascott Raffles City Hangzhou, which is slated to open in Q3 2018.