Ascott Debuts in Africa with the Opening of Kwarleyz Residence

The Ascott Limited (Ascott) has cemented its footprint on the African continent with the opening of its first property in Accra, the capital of Ghana.  Kwarleyz Residence, which is managed by Ascott, will be the first upscale international class serviced residence to enter the flourishing Ghanaian market.

Mr Thomas Wee, Ascott’s Deputy Managing Director for the Middle East, Africa, Turkey & 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 travellers to experience Ascott’s award-winning hospitality in 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 travellers world-class extended stay accommodation and superior customer service.”

Mr Wee added: “In addition to Kwarleyz Residence, we have secured a contract to manage Ascott 1 Oxford Street which will open in the heart of Accra in 2019. Ascott expects strong demand from the influx of business and leisure travellers as foreign direct investment continues to increase rapidly in this economic and administrative hub. Besides deepening our presence and growing our scale in Ghana, we see potential for serviced residences in other West African countries such as Nigeria, Côte d'Ivoire and Senegal. We will also explore opportunities in the capital cities of East Africa such as Nairobi, Kigali and Addis Ababa.”

Located in the upscale airport residential district, Kwarleyz Residence is surrounded by embassies and the headquarters of gold mining companies. About a five-minute drive from the Kotoka International Airport, the property is within easy access to the Marina Mall at Airport City and Tema Industrial City, via the Motorway.

Mr 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. Both tourism and hospitality sectors are key contributors to Ghana’s economy and will expand further as the government continues to attract foreign direct investment and boost infrastructure development to diversify its economy.”

Kwarleyz Residence is owned by Wonda World Estates, one of the leading real estate developers in the African continent, with a proven track record of delivering international-quality, world-class developments in the region.

Mr Nana Kwame Bediako, President for the Kwarleyz Group of companies, which includes Wonda World Estates, said: “We see this collaborative project with our colleagues at Ascott as another example of Wonda World Estates, Kwarleyz Group, Cola Group and Kensington Residential Partners (KRP) showcasing, either individually or as a collective, a commitment to the improvement of emerging markets across the African landscape. An industrialization pilot program bearing fruit in this instance for serviced residences to flourish across the ECOWAS (Economic Community of West African States) and beyond and ultimately, a milestone in our shared journey to create intercontinental lasting change.”

Offering breathtaking views of the city, the luxurious Kwarleyz Residence is articulately designed with contemporary architecture and glass facade overlooking Kofi Annan Street in the Airport Residential Area. The 40-unit serviced residence provides a variety of studio and one- to three-bedroom apartments, with quality finishes, ambient lighting and sleek flooring.  

Discover the comfort and luxury with a myriad of facilities at the property including a restaurant, coffee lounge, sky bar, rooftop garden and basement parking.  Guests can relax and rejuvenate in the fully equipped gymnasium, outdoor pool or spa. Kwarleyz Residence bringing class and excellence to Accra.

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%[1] from 2016 to 2020. Ghana is ranked Africa’s fifth most attractive investment destination[2]. Its foreign direct investment increased by 9% to a record US$3.5 billion in 2016[3]. With an economy growing at 7.9% in 2017, Ghana is expected to be one of Africa’s fastest growing countries in 2018. 

Ascott is accelerating its expansion globally and recently surpassed its 2020 target of 80,000 units well ahead of time. It aims to double its portfolio to 160,000 units by 2023 and will continue with its aggressive expansion through strategic alliances, management contracts, franchises and investments.

[1] “3 reasons things are looking up for African economies” (5 May 2016), World Economic Forum

[3] “Where to invest in Africa 2018” (2017), RMB Global Markets

[4] “World Investment Report 2017 - Investment and the Digital Economy” (7 June 2017), United Nations Conference on Trade and Development

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has more than 55,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as over 39,000 units which are under development, making a total of more than 94,000 units in over 630 properties. The company's brands include Ascott, Citadines, Somerset, Quest, The Crest Collection and lyf. Its portfolio spans more than 160 cities across over 30 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2018 for 'Leading Serviced Apartment Brand' in Asia, Europe and the Middle East; DestinAsian Readers' Choice Awards 2018 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2018 for ‘Best Serviced Residence Operator in China’; Business Traveller Asia-Pacific Awards 2018 for ‘Best Serviced Residence Brand’; Business Traveller UK Awards 2017 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2017 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth over S$93 billion as at 30 June 2018, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 150 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.   

CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.