Ascott Propels Growth of Citadines Brand With Debut In Vietnam, Sabah And UAE

CapitaLand's wholly-owned serviced residence business, The Ascott Limited (Ascott), has secured contracts to manage its first Citadines Apart'hotels in Vietnam, Sabah, Malaysia and the United Arab Emirates (UAE). The 200-unit Citadines Regency Saigon is slated to open in the vibrant commercial hub of Ho Chi Minh City's District 3 in 2018 while the 253-unit Citadines Waterfront Kota Kinabalu is scheduled to open within the heart of the city in 2018. The 81-unit Citadines Culture Village Dubai will open in 2017 within Culture Village, an area poised to become the artistic and cultural hub of Dubai.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "Citadines is one of our fastest growing brands. Since we fully acquired the Citadines Apart'hotel chain in 2004, we have more than doubled our Citadines portfolio from the initial 5,100 apartment units in 18 European cities to more than 12,000 units in 81 properties and 52 cities across Asia Pacific, Europe and the Gulf region. With the fast-growing middle class and the rise of low-cost air travel, we are seeing more independent travellers who enjoy the flexibility to choose the services according to their lifestyles."

Mr Lee said: "We see tremendous opportunities for our international-class serviced residences to expand in Vietnam, Malaysia and the UAE. Vietnam has seen a steady growth in foreign direct investments in 2014, 70% of which were from the manufacturing and processing sectors. Visitor arrivals also grew to nearly 8 million last year and Ho Chi Minh City accounted for more than 50% of the arrivals. We expect demand for serviced residences from expatriates and travellers to increase. The addition of Citadines Regency Saigon will strengthen Ascott's leadership position as the largest international serviced residence owner-operator in Vietnam."

"Demand for quality accommodation in Malaysia has been growing strongly as the country continues to attract foreign direct investments. Last year, Malaysia's foreign direct investment grew more than 8% to RM64.6 billion compared with 2013. Kota Kinabalu is an industrial and commercial centre of Sabah, Malaysia's second largest state and the country's largest producer of palm oil and cocoa. Many government institutions and international corporations have also set up branch offices in the city. Being the first international brand of serviced residence in Sabah, we expect strong demand for Citadines Waterfront Kota Kinabalu."

Mr Lee added: "The launch of our Citadines brand in the UAE supports the growing demand from independent travellers who want the flexibility to choose the services they require as compared to luxury hotels that offer full services. According to data from STR Global, the Middle East's hospitality market is the fastest growing in the world. The UAE and Saudi Arabia account for 70% of rooms in the region's pipeline and we see great potential for further growth in this market."

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.