For those who’ve looked for a rooftop bar in Sukhumvit, the name Ascott has popped up every once in a while. Ascott is known for its hotels, with some having a rooftop bar in Sukhumvit, and their residential properties.
Now, the company is moving to improve on the latter, with new expansions in Asia in the pipeline, which they’ll be working on with new strategic partnerships they’ll be making, with the leading developers in countries across Asia, such as China, Japan and Thailand. These new partners will be managing the company’s apartments; the ones that are currently under development as well as the future projects.
In China, Ascott partnered up with Riverside Group, a specialty township developer, in order to launch new residences in Chongqing, Zhejiang, as well as future Riverside themed towns across China, in key cities. The first key developments of this new property will be two serviced residences in Chongqing and Zhejiang, amounting to a total of 350 residential units. This new contract is a follow-up of the contract between Ascott and Riverside Group for the management of the 190-unit Ascott Riverside Garden Beijing, which opened its doors to guests back in November of 2017.
Meanwhile, in Thailand, Ananda Development will be partnering up with Ascott, which will lead to the development of 4 properties: Ascott Embassy Sathorn Bangkok, Ascottt Thonglor Bangkok, Somerset Rama 9 Bangkok and an as-of-yet-unnamed property in Sukhumvit 8, with all developments amounting to a total of 1,500 new apartment units across the Thai capital, set to open between 2020 and 2021.
Ascott Chief Executive Kevin Goh, says that strategic cooperation with Asia’s well-established developers is one of the company’s key strategies for growth. Across Asia, the company believes that the alliances that they have forged will afford them access to bigger and better projects that can speed up the company’s expansion to expand their reach in gateway cities across the region.
He adds that Ascott is confident that they’ll reach their 80,000 unit global target by the end of 2018, and that they’ll be able to double their portfolio to 160,000 by 2023.
On top of the 1,607 units in January and February, Ascott also has management and lease agreements for an additional 14 properties for about 3,400 units across ten cities in Asia, spread across China, Indonesia, Japan and Thailand.