Ascott, a lodging unit owned by CapitaLand Investment continues its strong growth in Southeast Asia. It sets with 28 new signings this year. These new agreements represent over half of the company’s global signings in the same period.
Among these new openings, seven properties are under the Oakwood brand. Marking its entry into Cambodia and expansion in Singapore and Indonesian cities. Notably, the Oakwood Premier in Singapore will be the first of its kind in Southeast Asia following Ascott’s rebranding earlier this year. The new signings feature four Somerset properties and three under the Citadines brand. The lyf brand has also gained momentum with two new properties in Singapore—lyf Bugis, which opened recently, and lyf Chinatown which is still under construction.
Ascott’s Chief Growth Officer, Serena Lim, highlighted the company’s flexible hybrid “hotel-in-residence” model. She explained that the model caters to various travel needs, whether for short stays or long-term accommodations. This flexibility has made it a preferred choice among hotel owners and developers, especially during and after the corona pandemic. Our latest signings reflect the trust developers place in us, further strengthening the brand’s leadership in Southeast Asia.” These signings will add over 3,400 units across Southeast Asia, extending Ascott’s footprint into new markets such as Purwakarta in Indonesia and Kulim in Malaysia. The brand is also making a significant impact in Penang, Malaysia, with nine new properties signed this year, including the 1926 Heritage Hotel by The Unlimited Collection, set to open by mid-2026.
Ascott’s presence in Batam, Indonesia, is also doubling in number with 14 properties in its portfolio over the past two years. This includes the debut of its global brands and the upcoming Oakwood Ha Long resort in Vietnam, opened in January 2024.
With 12 properties already operational in 2024, including lyf Cebu City in the Philippines, Citadines Waterfront Kota Kinabalu in Malaysia, and Somerset Kencana Jakarta in Indonesia, Ascott’s growth shows no signs of slowing. Future plans include the opening of the first HARRIS property outside Indonesia, HARRIS Hotel Sunshine Penang, and the debut of lyf Georgetown Penang later this year.
