The Ascott Limited (Ascott), the lodging arm of CapitaLand Investment (CLI), has recorded its strongest-ever signing performance in Southeast Asia, adding over 7,300 units in 2025. This represents a 55% increase over the previous year, positioning Ascott among the top three hospitality companies in the region for new signings.
The expansion marks a strategic shift from Ascott’s traditional serviced residence roots toward a “flex-hybrid” model, unlocking growth across hotels, resorts, social living, and branded residences.
Aggressive Expansion and City Entry
Ascott’s development pipeline is set to extend into approximately 20 new cities, moving deeper into emerging leisure and business hubs across ASEAN.
- New Market Entries: Key additions include Johor Bahru and Langkawi (Malaysia); Phuket and Hat Yai (Thailand); Phu Quoc and Nha Trang (Vietnam); and Davao (Philippines).
- Near-Term Openings: More than 25 properties are scheduled to open within the next 12 months, following recent launches like Oakwood Cameron Highlands in Malaysia.
The “Dual-Track” Growth Strategy
Ascott is utilizing a combination of new-builds and rapid-entry conversions to scale at pace.
| Strategy | Implementation & Scale | Strategic Outcome |
| Conversions | Comprise 30% of the Southeast Asia pipeline. | Accelerated market entry in supply-constrained areas like Penang and Bandung. |
| Resort Push | Significant growth planned through 2028 across Vietnam, Indonesia, and Thailand. | Balances Ascott’s portfolio between business travel and the rising intra-ASEAN leisure market. |
| MICE Leadership | Development of Ascott Tay Ho Hanoi, featuring a convention center for 2,000 guests. | Establishes Ascott’s credentials in Vietnam’s high-growth meetings and events sector. |
Regional Highlights: Malaysia and Singapore Focus
- Malaysia Heritage: The 1926 Heritage Hotel Penang will reopen in 2026 following a restoration that preserves its Anglo-Malay architectural character. Additionally, three Bayview-branded properties in Penang and Langkawi will be rebranded under the Ascott, Oakwood, and FOX brands by 2028.
- Singapore Social Living: lyf Chinatown Singapore is slated to open in July 2026, targeting digital nomads and creatives with co-working spaces and a social kitchen.
- Luxury in Manila: The flagship Ascott Ortigas Manila is expected to open in 2026 following a comprehensive renovation of the former Joy-Nostalg Hotel & Suites.
Editor’s Take: The Resilience of the “Flex-Hybrid” Model
Ascott’s record-breaking signings underscore a broader trend: the institutionalization of Southeast Asia’s fragmented hospitality market. By pivoting to a “multi-typology” strategy, Ascott is capturing the “Resilience Premium” of diverse guest segments. As Chief Growth Officer Serena Lim noted, the expansion is “intentional and owner-led,” reflecting deep confidence in the region’s structurally resilient tourism fundamentals and improving connectivity.