World news – Ascott cracks record growth despite Covid-19

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CAPITALAND’S The Ascott posted record four-year growth in real estate units in 2020 as it increases recurring fee income through management and franchise agreements.

In 2020, Ascott added 14,200 units in 71 properties worldwide added. Despite Covid-19, the additional units exceeded the total number of units added in 2019 of around 14,100 units, based on the figures reported in December 2019.

These units signed here relate to units that are based on management contracts, franchises and strategic alliances have been signed, Ascott said.

The new units added in 2020 are expected to increase Ascott’s annual fee income by over S $ 27 million as the properties gradually open and stabilize.

Kevin Goh , Ascott’s chief executive who is also CapitaLands chief executive for accommodations, said more than 80 properties with approximately 17,000 units are expected to open in 2021.

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These include over 70 properties with more than 15,000 units in the Asia-Pacific region that are expected to lead the global economic recovery, he added. Ascott’s business in China continues to lead global expansion.

Mr. Goh said Ascott will continue to grow its future recurring fee income through the new management and franchise agreements signed.

« We will continue to look for ways to to expand our presence through management contracts, franchises and strategic alliances and be ready to take advantage of good investment opportunities, « said Goh.

 » Although we were not spared the short-term operational impact of Covid-19, we believe the Basic housing demand remains intact and will recover quickly once the global pandemic is brought under control. « 

Separately, Ascott launched 25 new properties in 2020, increasing Ascott’s global inventory by more than 3,900 units was expanded. This includes the opening of 10 properties with more than 1,800 units in China alone.

For comparison: The number of properties opened alone contributed to the inclusion of 7,500 units in 2019.

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Ref: https://www.businesstimes.com.sg

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