Ascott Collaborates With Developers From Asia Pacific For Business Expansion


BUSINESS BLOG

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Ascott Collaborates With Developers From Asia Pacific For Business Expansion

The Ascott Limited is CapitaLand’s business unit for residential services. The real estate company is strategizing its market expansion to Asia and the Asia Pacific. On account of this, the company is entering into partnerships with prominent developers from China, Thailand, and Japan. These partnerships will allow Ascott to manage properties that are currently under construction along with the forthcoming projects.

Ascott has partnered with China’s Riverside Group to initiate serviced residential spaces in places like Zhejiang, Chongqing. This project will comprise of two residences and 350 units in the two areas. The partnership between the two real estate companies also includes the management of the Riverside Garden, Beijing which was inaugurated in November 2017. Their residential space project will include more serviced spaces with riverside themes.

The company has also expanded to Japan with its collaboration with NTT Urban Development Corporation, a listed real estate company in Japan. Their partnership is currently working on a couple of projects in the cities of Fukuoka and Yokohama. They are also exploring more opportunities for serviced residential spaces in the country.

Thailand’s Ananda Development, one of the leading developers from the country, is also amongst Ascott’s latest partners. This strategic collaboration has started working on four properties, namely Somerset Rama 9 Bangkok, Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok, and the fourth one in Sukhumvit 8. These spaces will be ready and launched by the year 2020 and 2021. They will comprise of about 1500 apartments in total.

Ascott’s Chief Executive Officer, Mr. Kevin Goh addressed these recent ties with major developers in these three countries. He said that Ascott’s principal framework for business development includes cooperation and collaboration with established developers in various countries. With a well-developed market in Singapore and the Middle East, the company is now spreading to China, Thailand, and Japan. Through these partnerships, Ascott will engage its capital in large-scale projects that lead to fast-paced expansion.

These ties also enhance the company’s opportunities for cross-marketing. With 100,000 corporate clients, Ascott is looking to achieve its yearly target of 80,000 units globally. It is also aiming at doubling this target to 160,000 units in the next 5 years.

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