Ascott Achieves Record High Signings Of Over 5,600 Units In China To Date Despite COVID-19

October 15, 2020- CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott) has secured more than 2,100 new units across 12 properties in China in the last three months. With these new units, Ascott has added a record high of more than 5,600 units across 26 properties, which represent a 60% year-on-year growth in units in China. Globally, Ascott has sealed new contracts for more than 3,700 units across 22 properties; about 60% of which are from China and the rest are in various countries including Austria and Indonesia.

Ascott is also seeing strong recovery in China on the operations front. Its apartment revenue in September 2020 performed close to 95% of that in September 2019. Meanwhile, Ascott has been maintaining a steady stream of openings as demand for extended-stay properties continues to grow. In 2020, Ascott has opened 17 properties with over 2,400 units, with about half of these units in China.

Ascott’s resilient base of long-stay corporate guests and the strong domestic leisure travel market have enabled Ascott’s serviced residences in China to achieve robust occupancy rates. In September 2020, close to 75% of its guests in China were domestic travellers. During the same period, Ascott’s properties in tier one cities such as Beijing, Guangzhou, Shanghai and Shenzhen achieved an average occupancy rate of over 86%. In Chongqing, despite facing the pandemic and the worst floods in decades, Ascott Raffles City Chongqing achieved high occupancy rate of 80% in August 2020. The property continued to enjoy high occupancy in September 2020 when it celebrated its first anniversary with a cheque presentation ceremony to the Chongqing Charity Federation, in support of flood relief efforts.

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