Ascott Limited is a member of CapitaLand, an international serviced residence owner-operator with more than 73,000 units in over 500 properties, spanning over 130 cities across 30 countries and has recently placed its footprint firmly on the African continent. In 2017, the firm secured contracts to manage two properties in Accra, the capital of Ghana. They are; the 40-unit Kwarleyz Residence which recently got launched and the 220-unit Ascott 1 Oxford Street Accra which will open in phases from 2019.
With the opening of its first property in Accra- Kwarleyz Residence, which is managed by Ascott, will be the first upscale international -class serviced residence to enter the flourishing Ghanaian market.
Thomas Wee, Ascott’s deputy Managing Director for the Middle East, Africa, Turkey and India, said: “Ascott has been managing world-class serviced residences globally for over 30 years. The opening of our first property in Africa, Kwarleyz Residence, enables our worldwide network of corporate clients and the growing international travelers to experience Ascott’s award-winning hospitality on another continent.”
“Africa is the world’s second fastest-growing economy after Asia and we see great potential in the region’s hospitality market. Africa’s huge economic growth is fueled by massive infrastructure development, favorable investment policies, and a young population. With our strong expertise in hospitality management, Ascott aims to set the benchmark in the region by offering business and leisure travelers world-class extended stay accommodation and superior customer service.” Wee said.
Kwarleyz Residence is located in the upscale residential area of the Cantonments district, surrounded by embassies and the headquarters of gold mining companies. About a five-minute drive from Kotoka International Airport, the 40-unit serviced residence will offer studio, one- to three-bedroom apartments, a breakfast lounge, gymnasium, outdoor swimming pool, roof garden, sky bar and parking lots.
Mr Thomas Wee adds: “The serviced residence industry in Africa has significant untapped potential. Managing Kwarleyz Residence gives us quick time-to-market as it is already under development, while we design our second property under our premier Ascott The Residence brand, which will offer top business executives luxurious living in an exclusive environment.
Ascott 1 Oxford Street Accra will be one of the tallest towers in Accra, within walking distance to the financial district, recreational and retail outlets, while Kwarleyz Residence is in an upscale residential area surrounded by embassies. With the properties’ prime locations and Ascott’s award-winning hospitality, both properties will be a huge draw for business and leisure travellers.”
Located along Oxford Street in Osu, Accra’s business, entertainment and commercial hub, Ascott 1 Oxford Street Accra is about a 15-minute drive from Kotoka International Airport. The serviced residence is approximately a 10-minute walk to the business district and a variety of amenities including restaurants, banks, entertainment outlets and supermarkets. Ascott 1 Oxford Street will also offer a range of studio, one-, two- and three-bedroom apartments. Facilities will include a gymnasium, outdoor swimming pool, breakfast lounge, residents’ lounge, business centre, meeting rooms, spa and sky bar.
Lee Chee Koon, Ascott’s CEO, said: “We are excited to close a record year of growth for Ascott with the successful addition of another continent, Africa, to Ascott’s global footprint. 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 stabilize, 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.”
“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 added. Vincent Miccolis, Ascott’s regional general manager for the Middle East, Africa and Turkey, said: “We are proud to partner with Wonda World Estates to bring the first-of-its-kind hospitality offering to the Ghanaian capital and introduce sophisticated living in Accra with the opening of Kwarleyz Residence.”
The International Monetary Fund forecasts that Africa’s economy will be the second-fastest growing in the world with an annual growth rate of 4.3 per cent from 2016 to 2020. With a current population of over one billion, Africa will be home to the world’s largest working-age population in less than two decades. Ghana is ranked Africa’s fifth most attractive investment destination. Its foreign direct investment increased by nine percent to a record $3.5 billion in 2016.
Source: Service Apartment News, Arab News
