Ascott steps up expansion in Singapore

CapitaLand’s wholly owned lodging business unit, The Ascott, has plans to add a record 846 units across four new properties in Singapore this year, growing its local portfolio to over 3,100 units, or 17 properties.

Ervin Yeo, Ascott’s regional general manager for Singapore, Malaysia and Indonesia, said, “We are on a strong growth trajectory, with our presence in our home market of Singapore expanding by over 60 percent in the past two years. We have a record opening of four properties this year and another four are expected to open by 2021. This is a testament of Ascott’s well-established reputation and management excellence. With the government’s pro-business policies as well as exciting initiatives to rejuvenate the city and attract investors and tourists, we see strong demand for international-class lodging properties. We will further step up Ascott’s presence in Singapore through strategic acquisitions, partnerships, management contracts, franchises and leases