SINGAPORE (Apr 9): The Ascott, CapitaLand’s serviced residence business unit, is partnering leading developers in China, Japan and Thailand to manage apartments currently under development as well as future projects by these companies.

In China, Ascott has partnered specialty township developer, Riverside Group, to launch serviced residences in Zhejiang, Chongqing and future riverside themed towns in other key cities.

The partnership will start with two serviced residences with a total of 350 units in Zhejiang and Chongqing.

In Japan, Ascott has entered into a business cooperation with listed Japanese real estate company, NTT Urban Development Corporation, a subsidiary of Nippon Telegraph and Telephone Corporation, to jointly explore serviced residence opportunities in Japan and are currently working on two projects in Fukuoka and Yokohama.

In Thailand, Ananda Development, has expanded into the serviced residence business through its strategic alliance with Ascott. The first four properties under the collaboration – Somerset Rama 9 Bangkok, Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok and one more property in Sukhumvit 8 – will offer close to 1,500 apartment units in Bangkok when they open between 2020 and 2021.

As at 9.46am, shares in CapitaLand are down 1 cent at $3.60.