Singapore apartment chain expands to Myanmar

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AscottSingapore-based serviced apartment chain The Ascott Limited has announced moves to expand into Myanmar and increase its presence in Germany and Asia, The Strait Times reported. The wholly-owned unit of developer CapitaLand said that it has won a contract to operate a 153-unit mixed-use development in Yangon.

The property – Somerset Kabar Aye Yangon – is a 15-minute drive from downtown Yangon and 30 minutes from the airport. It is due to open in early 2018 and will be Ascott’s first outlet in Myanmar.

The firm also announced yesterday that it has won a contract to manage the Somerset Zhuankou Wuhan, in Hubei, China. The 245-unit property is projected to open in 2018 and will comprise commercial and residential components.

The Ascott Sentral Kuala Lumpur, which the firm is managing, will open on March 21 while the Ascott Midtown Suzhou in China should be operating by April 2014. These announcements come on the heels of Ascott’s opening its first property in Frankfurt, Germany, on March 1.

Ascott chief executive Lee Chee Koon said the moves are part of the firm’s search for investment opportunities in key markets such as China, Germany and Southeast Asian capitals.

Started in 1984, the Singapore company now has serviced residences across 83 cities in 23 countries, such as Singapore, Spain and France. It aims to reach its target of 40,000 apartment units worldwide by next year, added Lee. It is already the world’s largest international owner-operator of serviced residences, with about 34,000 units in 231 properties.



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Singapore-based serviced apartment chain The Ascott Limited has announced moves to expand into Myanmar and increase its presence in Germany and Asia, The Strait Times reported. The wholly-owned unit of developer CapitaLand said that it has won a contract to operate a 153-unit mixed-use development in Yangon. The property - Somerset Kabar Aye Yangon - is a 15-minute drive from downtown Yangon and 30 minutes from the airport. It is due to open in early 2018 and will be Ascott's first outlet in Myanmar. The firm also announced yesterday that it has won a contract to manage the Somerset Zhuankou...

AscottSingapore-based serviced apartment chain The Ascott Limited has announced moves to expand into Myanmar and increase its presence in Germany and Asia, The Strait Times reported. The wholly-owned unit of developer CapitaLand said that it has won a contract to operate a 153-unit mixed-use development in Yangon.

The property – Somerset Kabar Aye Yangon – is a 15-minute drive from downtown Yangon and 30 minutes from the airport. It is due to open in early 2018 and will be Ascott’s first outlet in Myanmar.

The firm also announced yesterday that it has won a contract to manage the Somerset Zhuankou Wuhan, in Hubei, China. The 245-unit property is projected to open in 2018 and will comprise commercial and residential components.

The Ascott Sentral Kuala Lumpur, which the firm is managing, will open on March 21 while the Ascott Midtown Suzhou in China should be operating by April 2014. These announcements come on the heels of Ascott’s opening its first property in Frankfurt, Germany, on March 1.

Ascott chief executive Lee Chee Koon said the moves are part of the firm’s search for investment opportunities in key markets such as China, Germany and Southeast Asian capitals.

Started in 1984, the Singapore company now has serviced residences across 83 cities in 23 countries, such as Singapore, Spain and France. It aims to reach its target of 40,000 apartment units worldwide by next year, added Lee. It is already the world’s largest international owner-operator of serviced residences, with about 34,000 units in 231 properties.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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