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The Ascott Limited (Ascott) has made its first foray into popular tourist destinations Cebu, Philippines and Pattaya, Thailand after securing five new contracts to manage 875 apartment units.
With 14 management contracts signed in Southeast Asia this year, CapitaLand’s wholly-owned serviced residence arm has added over 2,700 serviced residence units in the region—more than triple the number of units added in the region for the whole of 2014.
Ascott’s chief executive officer, Lee Chee Koon said: “We have ramped up our expansion in Southeast Asia as we see strong growth potential in the long-term.”
“With more than 13,000 apartment units in 73 properties across eight countries in Southeast Asia, over 30% of Ascott’s global footprint is now concentrated in this fast-growing region,” he added.
The 180-unit Citadines Cebu City will be part of a mixed-use development that will also comprise offices, retail and private residential units. It marks the operator’s eighth serviced residence in the Philippines. Meanwhile, the four management contracts in Thailand will include the 300-unit Citadines North Pattaya, the 150-unit Citadines Central Pattaya, the 95-unit Citadines Jomtien Beach Pattaya, and the 150-unit Somerset Wong Amat Beach Pattaya.
Ascott has more than 1,600 units in eight serviced residences and 2,800 units across 16 properties respectively in the two countries.The new management contracts in Cebu and Pattaya will strengthen Ascott’s position as the largest international serviced residence owner-operator in the Philippines and Thailand.
Image: Ascott’s Citadines Cebu City. Source: The Ascott Limited.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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