DBS Land and Pidemco Land merged to form CapitaLand Limited.
The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 43,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 26,000 units which are under development, making a total of close to 70,000 units in over 500 properties.
The company's brands include Ascott, Citadines, Somerset, Quest, The Crest Collection and lyf. Its portfolio spans more than 120 cities across over 30 countries. Ascott's properties can be found in cities including New York, London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing and Hong Kong in Asia; Melbourne and Perth in Australia, Bangalore and Chennai in India as well as Dubai, Doha and Manama in the Middle East.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; DestinAsian Readers' Choice Awards 2017 for 'Best Serviced Residence Brand', TTG China Travel Awards 2017 for 'Best Serviced Residence Operator in China'; Business Traveller Asia-Pacific Awards 2017 for ‘Best Serviced Residence Brand’; Business Traveller UK Awards 2017 for ‘Best Serviced Apartment Company’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.
As an employer, The Ascott Limited is proud to be recognised by Tripartite Alliance for Fair & Progressive Employment Practices (TAFEP) as a Human Capital Partner (HCPartner), and commended for our efforts in investing in human capital development and adopting fair and progressive workplace practices.
Ascott's parent company, CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth S$85 billion as at 30 September 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 150 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.
CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.
For more information on Ascott’s portfolio in China, please visit www.ascottchina.com.
Two decades’ worth of mergers and acquisitions have seen an amalgamation of premium real estate and hospitality brands into one prestigious entity: The Ascott Limited (Ascott).
With a global presence extending into more than 25 countries across the Americas, Asia Pacific, Europe and the Middle East, our story is one of success that spans over 30 years in the serviced residence business.
Ascott advanced into South America with franchise agreements for its first two properties in Sao Paulo, Brazil.
Ascott opened its first serviced residence on Jeju Island, Korea.
Ascott acquired a prime property on New York's Fifth Avenue, marking the debut of Ascott's first Citadines serviced residence in the U.S.
Ascott acquired a majority stake in Quest Apartment Hotels to become the largest serviced residence provider in Australasia.
Ascott launched new Tujia Somerset brand of serviced residences catered for the booming segment of middle class travellers in China.
Ascott ventured into Bandung and Karawang in Indonesia; Penang, Putrajaya and Shah Alam in Malaysia; Nha Trang in Vietnam; and Sri City in India.
Ascott announced target of 5,000 units in the Middle East by 2020 as it expanded to Al Khobar in Saudi Arabia.
Ascott launched The Crest Collection of unique, luxury serviced residences to mark milestone in global refurbishment programme launched in 2010.
Ascott crossed 50,000 units globally with record breaking 10,000 units added to date in 2016.
Ascott launched Lyf, its new brand designed for and managed by millennials, targetting 10,000 units under this brand globally by 2020.
Ascott made its first foray into Ireland with the acquisition of a prime property in Dublin.
Ascott expanded its global network by entering the fast-growing Istanbul in Turkey.
Ascott crossed its milestone of having 40,000 apartment units globally.
Ascott made its first foray into the United States of America through the acquisition of a prime property in New York by its real estate investment trust, Ascott Residence Trust.
Ascott expanded to Cambodia by securing a contract to manage its first serviced residence in Phnom Penh.
Ascott entered into a 50:50 joint venture with Qatar Investment Authority to set up a US$600 million (approximately S$809 million) serviced residence fund with an initial focus on the Asia Pacific and Europe regions. This is Ascott’s largest private equity fund to date.
Ascott and Citadines celebrated their 30th anniversary.
Ascott opened its first property in Frankfurt, Citadines City Centre Frankfurt.
Ascott entered Yangon, Myanmar.
Ascott secured its first franchise agreements and entered Vientiane in Laos and Bali in Indonesia.
Ascott announced its target to have 80,000 apartment units globally by 2020.
Ascott inked AU$500 million strategic partnership and acquired a 20% stake in Quest.
Ascott opened Citadines Suites Louvre Paris, its first property under the Suites label in the heart of Paris.
Ascott entered Nanjing, Hefei and Wuxi in China, Gurgaon in India, Sri Racha in Thailand, and Riyadh and Jeddah in Saudi Arabia.
Ascott crossed its milestone of having 10,000 apartment units in China and launched its first branded residence in the country for strata sale.
Ascott further widened its global reach to include the United States through a marketing partnership with AKA, a luxury brand of serviced residences.
Ascott extended its footprint to Xiamen in China.
Ascott expanded into Hamburg and Frankfurt in Germany; Cyberjaya, Nusajaya and Petaling Jaya in Malaysia; Foshan and Macau SAR in China; and Muscat in Oman.
Ascott acquired Ascott Arc de Triomphe Paris, which is the first premier Ascott-branded serviced residence to open in France.
Ascott opened its first serviced residence in India - Citadines Richmond Bangalore.
Ascott extended its footprint to Danang in Vietnam as well as Chengdu and Hangzhou in China.
Ascott announced its target to grow to 40,000 apartment units globally by 2015.
Ascott injected 28 quality stabilised assets in Europe and Asia into Ascott Reit with divestment proceeds of S$974 million. This move gave Ascott financial capacity to capture new growth opportunities and transformed Ascott Reit into a larger and stronger platform which complements Ascott's global growth strategy.
Ascott and Citadines celebrated 25 years in the serviced residence business.
Ascott entered Hai Phong, Vietnam and Fontainebleau, France. This brought Ascott’s global portfolio to 67 cities and 22 countries.
Ascott expanded its presence in Australia with its first Citadines in the country. Citadines on Bourke Melbourne is Ascott's largest Citadines serviced residence.
Ascott became a wholly owned subsidiary of CapitaLand, one of Asia's largest real estate companies.
Ascott transformed a national heritage building into its flagship serviced residence, Ascott Raffles Place Singapore.
Ascott launched the Ascott China Fund, the first private equity fund dedicated to investing in serviced residences across China.
Ascott brought Citadines to Singapore and Japan with the announcement of Citadines Mount Sophia Singapore and Citadines Shinjuku Tokyo.
Ascott expanded into Tbilisi in Georgia and Kyoto in Japan.
The world's first pan-Asian serviced residence REIT, the Ascott Residence Trust (Ascott Reit), was established and listed on 31 March 2006 in Singapore.
Ascott opened its first serviced residence in the Gulf region and expanded to India, bringing its presence to 46 cities across 20 countries.
Ascott brought Citadines to Asia with opening of Citadines Jinqiao Shanghai.
Ascott's global footprint expanded to 17 countries with the opening of Somerset Palace Seoul, South Korea's largest serviced residence.
Ascott acquired the remaining 50 per cent interest in Citadines. The company now owns the three brands: Ascott, Citadines and Somerset.
Ascott entered into an agreement to acquire a 50 per cent stake in Citadines, the pan-European serviced residence chain with over 5,000 units in 18 cities across France, the UK, Belgium, Spain and Germany.
When the acquisition was completed in 2003, it increased Ascott’s portfolio to over 13,800 units in 39 cities across 16 countries, making it the largest international serviced residence operator outside the US.
The Ascott Group was listed in Singapore, following the merger of Somerset Holdings and The Ascott Limited. The merger yielded a total portfolio of over 6,000 serviced residence units in 16 cities across 10 countries.
Somerset International acquired Liang Court Holdings, one of Asia’s largest serviced residence operators, to form Somerset Holdings. The acquisition created a combined portfolio of 3,200 serviced residence units across 15 cities.
Scotts Holdings merged with Stamford Group, the serviced residence arm of DBS Land, to form The Ascott Limited; resulting in a combined portfolio of more than 1,700 units in eight cities.
Citadines merged with Orion, and Whitehall and Westmont later sold the tourist-oriented Orion serviced residences to focus on its business clientele.
Citadines was repositioned and boosted by the development of a new visual identity. The Citadines concept in Europe was later redefined to offer à la carte services, emphasising the brand values of flexibility and independence.
Pidemco Land set up Somerset International, its new serviced residence arm.
Citadines acquired Orion, its main competitor. In the same year, Citadines was taken over by hotel group Westmont Hospitality Group and real estate investment fund Whitehall.
Scotts Holdings was listed in Singapore.
Scotts Holdings, a renowned Singapore corporation, opened Asia Pacific's first international-class serviced residence – The Ascott Singapore – on 14 August 1984. At the time, serviced residences was a new concept in the region.
Meanwhile, in Europe, Citadines had begun operations with its first apart'hotel – the Citadines La Défense Paris – in France in July 1984.
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