Ascott triples managed units in Southeast Asia

It recently secured five contracts in the Philippines and Thailand.

CapitaLand's wholly-owned serviced residence business unit sets its eyes on Southeast Asia as it is poised to become the company's fastest growing market.

According to a statement by Ascott, the company secured five new contracts to manage 875 apartment units in Cebu, Philippines and Pattaya, Thailand.

Including these contracts, they have signed 14 management contracts in the region this year, amounting to 2,700 serviced residence units in the region.

“With more than 13,000 apartment units in 73 properties across eight countries in Southeast Asia, over 30% of Ascott’s global footprint is now concentrated in this fast-growing region,” said Lee Chee Koon, Ascott CEO.

“We have ramped up our expansion in Southeast Asia as we see strong growth potential in the long-term,” Lee added.