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CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has announced its first foray into Africa, securing contracts to manage two properties in Accra.

The 220-unit Ascott 1 Oxford Street Accra will open in phases from 2019, while the 40-unit Kwarleyz Residence will open in 4Q 2018.

Thomas Wee, Ascott’s Deputy Managing Director for India, Middle East & Africa, says: “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.”