The Ascott debuts in Africa

Published on : Wednesday, December 20, 2017

ascottThe Ascott forays into Africa after a record growth this year. It has secured contracts of managing two properties in the heart of Acra, considered as one of Africa’s top cities for investment.

 

 

From 2019 the  220-unit Ascott 1 Oxford Street Accra will open in phases and the 40-unit Kwarleyz Residence will open in the fourth quarter of next year 2018.

 

Lee Chee Koon, Ascott chief executive was excited to close a record year of growth for Ascott along with the successful addition of another continent, Africa.

 

In 2017 Ascott added 18 new cities across nine countries and secured a record of over 21,000 units.

 

This is the largest ever portfolio expansion in a single year.

 

 

Once these properties progressively open and stabilize there will be more fee income contribution to Ascott annually.

 

 

Lee added that Ascott has been managing world-class serviced residences globally for the last 30 years and there was an opportunity to bring Ascott into Africa, the world’s second fastest-growing economy after Asia.

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