The Ascott Limited, the lodging business of Singaporean group Capitaland, is maintaining its strong pace of growth across southeast Asia, with 28 new signings to date in 2024.
The deals have added more than 3,400 units in key cities to its pipeline, and account for more than half of the group’s total signings globally. Adding the new signings to the existing portfolio already operating, and Ascott will ultimately have over 360 properties, with a representation in 86 cities across nine countries.
A broadening guest appeal
The latest raft of signings mixes additional properties under new brands in established locations, broadening the Ascott offer to guests. And there will be new destinations added, such as Purwakarta in Indonesia, and Kulim in Malaysia.
Physically, the Ascott brands concentrate on offering “units” rather than “rooms”, with guests having a room with a built in mini kitchen, an aparthotel format that supports longer stays. “Ascott’s flex-hybrid hotel-in-residence model is designed to meet every travel intent and accommodate various lengths of stay, appealing to property owners and developers across different asset classes and locations,” said Serena Lim, chief growth officer for Ascott. “This model has shown remarkable resilience during and after the pandemic, establishing itself as the preferred choice in the lodging industry.”
Ascott has a portfolio of brands, offering guests a range of accommodation styles at price points from modest to luxury. These include Oakwood, under which seven properties have been signed. Oakwood will launch in Cambodia, as well as expanding its visibility in Indonesia with launches in Serpong, Yogyakarta, Bandung, Semarang and Jakarta. In addition, the Oakwood Premier sub-brand will open its first site in Singapore since the brand refresh earlier in 2024.
The Somerset and Citadines brands, which already have global coverage, will be boosted by four and three southeast Asian openings, respectively. And the Unlimited Collection has two new signings in Penang, Malaysia, The Lyf co-living brand is also growing in Singapore, where it launched Lyf Bugis Singapore in August 2024, to be followed by Lyf Chinatown Singapore. Additionally the group has signed four more sites for its regional brands in southeast Asia, including Harris, Preference and Fox.
Focus on Penang
The Malaysian destination of Penang is one major focus for growth, with nine signings there in 2024, increasing Ascott’s presence in the state by more than 20%. In 2023, the group launched its Oakwood, Lyf, Crest Collection and Harris brands into the market, and this year has signed to expand with launches for the Somerset and Unlimited Collection brands. Of these, the 1926 Heritage Hotel by The Unlimited Collection is a notable addition, being created from the former residence of British colonial officials. The stunning 78 unit property is expected to open in mid 2026.
