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Ascott Projects Record Unit Growth For The Seventh Consecutive Year In 2021

Ascott's successful growth march continues for 7th consecutive year

Ascott Records Record Unit Growth For The Seventh Consecutive Year In 2021

The Ascott Limited has acquired 15,100 units across 72 buildings internationally in 2021, signifying the sixth consecutive year of unit growth notwithstanding Covid-19.

Sixty percent of the 15,100 new agreements were serviced apartments. With the new operations, the corporation is also increasing its presence in China and Vietnam, as well as entering the markets of Cameroon and Nigeria. The Ascott Limited is a fully owned subsidiary of CapitaLand Investment (CLI).

Ascott also ended 2021 with the most property openings in company history, with over 8,200 apartments introduced in 40 projects across 10 countries. This is more than twice the number of units that will be available in 2020.

The properties opened include Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha), and its first lyf-branded coliving property, lyf MidTown Hangzhou, in China.

In December 2021, Ascott clinched several awards at the World Travel Awards 2021, Travel Weekly Asia 2021 Readers’ Choice Awards and the Business Traveller Awards 2021, including the title of “World’s Leading Serviced Apartment Brand” at the World Travel Awards.

“In 2021, Ascott continued with our strong growth trajectory despite Covid-19. Our record signings for the fifth consecutive year anchors Ascott’s market-leading position as an international lodging operator. More than 80% of the new units secured in 2021 were under management and franchise contracts, in line with Ascott’s asset-light growth strategy,” says Kevin Goh, CLI’s CEO for Lodging.

“We also opened a record number of units in 2021, readying ourselves for the recovery of travel in 2022. The newly signed and opened properties will be a welcome boost to our recurring fee income, as we build on this momentum to meet our target of 160,000 units globally by 2023,” he adds.