CapitaLand Investment’s The Ascott posts record growth in 2021

The lyf Mid-Town Hangzhou, located in Hangzhou, China's located in the Gongshu district, near the Grand Canal, is part of the lyf coliving brand from CapitaLand Investment's Ascott. Credit: AscottThe lyf Mid-Town Hangzhou, located in Hangzhou, China's located in the Gongshu district, near the Grand Canal, is part of the lyf coliving brand from CapitaLand Investment's Ascott. Credit: Ascott

The Ascott Ltd., a wholly owned lodging subsidiary of CapitaLand Investment, secured 15,100 units across 72 properties globally in 2021, marking five straight years of record growth despite headwinds from Covid-19, the company said in a filing to SGX Monday.

More than 80 percent of the new units were under management or franchise contracts, in line with Ascott’s asset-light strategy, which aims to boost fee income, the filing said.

Serviced residences made up 60 percent of new signings, while the number of hotels also rose in 2021, the filing said.

The Ascott also had its highest ever property openings in 2021, with more than 8,200 units in 40 properties in 10 countries, more than double 2020’s level, the filing said.

The new openings included Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha) and its first lyf-branded coliving property, lyf MidTown Hangzhou, in China, the filing said.

“Ascott’s expansion in the rental housing sector leverages the growing demand from young and mobile professionals as well as returning students from abroad who are seeking to rent fully-furnished homes in the tier one and tier two cities on a longer-term basis in China,” The Ascott said.

The company said it has 23 rental housing properties with more than 3,200 units across 11 cities in Japan and China.

The Ascott said it is targeting 160,000 units globally by 2023.

Read The Ascott’s filing to SGX.