Bookmark & Share
The Ascott Limited has entered into a strategic alliance with one of the top real estate developers in the Philippines, Cebu Landmasters Inc. (CLI), to manage 1,600 units by 2022.
The partnership will see both parties looking for properties to be developed by CLI into serviced residences that would be managed by Ascott.
In fact, management contracts had already been signed for their first four properties, which will offer more than 800 units in Cebu City, Bacolod and Davao City.
Citadines Cebu City, Citadines Bacolod City, Citadines Paragon Davao and lyf Cebu City are set to open from 2019 to 2021.
Separately, Ascott had also ventured into Quezon City, the largest city in Metro Manila, by clinching a management contract with another property owner for Citadines Roces Quezon City, which is slated to open in 2023.
The two new contracts in Quezon City and Bacolod increases Ascott’s portfolio in the country by 27 percent year-on-year to more than 4,300 units.
“Ascott has been in the Philippines for 18 years with strong performing properties that enjoy an average occupancy rate of about 80 percent under our award-winning brands Ascott, Citadines and Somerset,” said Daniel Wee, Ascott’s country general manager for the Philippines.
He noted that Ascott is on track to achieve its target of 6,000 units in the Philippines by 2020.
“We are confident that Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide by 2023,” noted its chief executive officer Kevin Goh.
CLI CEO Jose Soberano III said the booming tourism sector and growing investments in the Philippines “will create huge opportunities for the accommodation industry”.
He believes that Ascott’s strong management expertise in the hospitality business “is a good complement to our reputable track record and deep knowledge of the real estate markets in various cities of the Philippines”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles: