The Ascott Limited has opened its first serviced residences in Hangzhou, China and Hamburg, Germany after opened its second premier Ascott-branded serviced residence in Jakarta, Indonesia.

The Ascott Limited has opened its first serviced residences in Hangzhou, China and Hamburg, Germany.

In addition, the company has opened its second premier Ascott-branded serviced residence in Jakarta, Indonesia and secured a management contract for its second Ascott-branded serviced residence in Dubai which is slated to open in 2017.

The 104-unit Citadines Intime City Hangzhou is homegrown Ascott’s 35th property to operate in China while the 185-unit Ascott Kuningan Jakarta is the company’s eighth property to open in Indonesia, reinforcing Ascott’s position as the largest international serviced residence owner-operator in China and Indonesia respectively.

The 127-unit Citadines Michel Hamburg is Ascott’s fourth serviced residence in Germany, adding to its current properties in Berlin, Munich and Frankfurt.

The 117-unit Ascott Culture Village Dubai will bolster Ascott’s portfolio in the Gulf Cooperation Council to 12 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.

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Lee Chee Koon, Ascott chief executive, said: “There are significant growth opportunities for serviced residences globally.

“We have opened two new properties in China and Germany which are key growth markets for Ascott. Indonesia and GCC also offer immense potential for serviced residences.

“As the capital city of Zhejiang Province, Hangzhou’s foreign direct investment grew by an average of more than nine per cent annually in the last five years.

“Hangzhou also attracted more than 90 million business and leisure travellers in 2013.

“Having our first property in the city will enable us to capture the demand as we also prepare to open Ascott Raffles City Hangzhou in 2017.”

Lee added: “Indonesia’s foreign direct investment in the first half of 2014 grew nearly 14 per cent over 2013.

“With the government’s plans to enhance the investment climate and accelerate infrastructure development, we expect the number of expatriates and business travellers to increase.

“Hence, we see tremendous potential to expand in the Indonesian capital.

“In Dubai, there is a growing demand for luxury serviced residences as our first property in the city, Ascott Park Place, has been achieving occupancies of over 80 per cent.

“Having another premier Ascott-branded serviced residence will allow us to cater to the need for luxury serviced apartments and increase our presence in this cosmopolitan city.”