Ascott achieved record growth in 2021

SINGAPORE, 11 January 2022: CapitaLand Investment’s wholly owned lodging business unit, The Ascott Limited (Ascott), has secured 15,100 units across 72 properties globally in 2021.

This marks the fifth consecutive year Ascott has achieved record growth in units organically despite Covid-19 headwinds in the past two years. Serviced residences continue to be Ascott’s mainstay, making up over 60% of the new signings, while the number of hotels secured grew in 2021.

Ascott also closed 2021 to achieve its highest-ever property openings, launching over 8,200 units in 40 properties across 25 cities and 10 countries. This is more than double the units opened in 2020. The properties opened in 2021 includes Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha) and its first lyf-branded coliving property, lyf Mid-Town Hangzhou, in China.

Ascott continues to see strong domestic demand in China; opens first rental housing property in the country

Out of the 28 newly signed properties in the last five months, 11 properties are located in China. Ascott’s footprint in China is set to grow to more than 39,000 units in over 180 properties across more than 40 cities.

Ascott will further strengthen its presence in Melbourne in Australia; Vienna in Austria; Guangzhou, Shanghai, Shenzhen, Tianjin, Wuhan, Wuxi, Xi’an and Zhuhai in China; Addis Ababa in Ethiopia; Bandung, Bekasi, Jakarta and Yogyakarta in Indonesia; Bangkok in Thailand; and Ho Chi Minh City in Vietnam. The properties are slated to open between 2022 and 2026.