SINGAPORE (Dec 18): CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has secured contracts to manage two properties situated in Accra, the capital of Ghana.
This marks Ascott’s first foray into Africa and comprises the 220-unit Ascott 1 Oxford Street Accra, which will open in phases from 2019, as well as the 40-unit Kwarleyz Residence (below) due to open in 4Q18.
In a Monday announcement, Ascott highlights Ghana as one of Africa’s most attractive investment destinations, and says the latest contracts brings its portfolio to close to 70,000 units from over 51,000 units at end-2016.
(Credit: The Ascott Limited)
According to Thomas Wee, Ascott’s Deputy Managing Director for India, Middle East & Africa, Ascott 1 Oxford Street Accra will be one of the tallest towers in Accra while within walking distance to the financial district recreational and retail outlets.
On the other hand, Kwarley Residence will be the second property under Ascott’s Ascott The Residence Brand.
It is located in an upscale residential area surrounded by embassies and will aim to “offer top business executives luxurious living in an exclusive environment”, says Wee, who believes both properties will be a huge draw for both business and leisure travellers.
“Ascott added 18 new cities across nine countries and secured a record of over 21,000 units in 2017. This is not only twice the increase in 2016, but also Ascott’s largest ever portfolio expansion in a single year. As these properties progressively open and stabilise, we can expect more fee income contribution to Ascott annually. Ascott is set to surpass its target of 80,000 units well ahead of 2020 as we continue with this growth trajectory, expanding through strategic alliances, management contracts, franchises and investments,” says Ascott’s CEO, Lee Chee Koon.
“Ascott is bringing an internationally renowned, well-loved brand to the heart of Accra, the capital of Ghana. We expect strong demand from the influx of business and leisure travellers as foreign direct investment continues to increase rapidly in this economic and administrative hub,” he adds.
This story, written by Michelle Zhu for The Edge Singapore, first appeared on Dec 18.
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