[SINGAPORE] Ascott, the lodging business of CapitaLand Investment (CLI), expects to create more than 12,000 jobs – including 1,500 property leadership roles – to support the opening of over 300 properties by 2028. It will launch talent development efforts in preparation, the company said on Wednesday (May 14).
Of over 300 property openings, more than 80 per cent will be in Asia-Pacific, said the group in a reply to The Business Times. This is in line with the current geographical distribution of Ascott’s portfolio, they added.
This comes a month after it announced three new agreements to add 600 units to its India portfolio – a move that grew its total portfolio in the country to around 6,100 units across 22 properties – and the group’s target to hit more than S$500 million in fee-related earnings by 2028.
Ascott Accelerate, a fast-track structured talent management programme aimed at preparing high-potential staff for leadership positions that will be supported by a new digital learning platform, will be launched. It offers training across all levels.
Ascott will continue to develop its staff as the business grows and diversifies, said Lee Ngor Houai, Ascott chief operating officer for Europe, Middle East, Africa, South Asia and China.
“Talent development will remain central to our strategy as we expand globally,” he added.
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Ascott’s Malaysia portfolio has over 40 properties – both operational and in the pipeline – spanning serviced residences, hotels, resorts, social living spaces and branded residences. Penang – home to 21 of these properties – was selected as the launch site for the talent development programmes, which points to Malaysia’s role in the group’s broader growth plans.
Wong Kar Ling, Ascott Learning Council’s co-chair, as well as chief strategy officer and managing director for South-east Asia, said: “As training needs of our organisation evolve, we are also exploring partnerships with leading hospitality institutions to enhance the professional credentials of our team.”
In addition to the talent development programme and platform, the CLI wholly owned firm has other initiatives to boost learning experiences, including an exchange programme and learning festivals.
The global exchange programme offers promising associates short-term overseas posting to broaden their perspectives, adapt to new environments and learn from high-performing teams across the network. To complement this, the learning festivals enable associates to gain insights about best practices from expert trainers.
In 2024, Ascott achieved a third consecutive year of record fee-related earnings of S$343 million, which was a 12 per cent on-year increase. This performance was driven by a 6 per cent rise in revenue per available unit and the opening of a record 11,700 units across 54 properties.
Ascott manages and franchises lodging options including serviced residences, hotels, resorts, social living properties and branded residences. Its portfolio has around 990 properties across more than 230 cities in over 40 countries, with two-thirds already operational.
CLI is the investment management arm of CapitaLand Group, with assets related to retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centres, private credit and special opportunities. Its assets under management stood at S$136 billion as at December 2024, with funds under management at S$117 billion.
Shares of CapitaLand Investment were trading 0.4 per cent or S$0.01 higher at S$2.55 as at 9.46 am on Wednesday.
