Wednesday, August 08, 2012

Ascott to manage 7th property in the Philippines

Ascott Limited, a wholly-owned unit of CapitaLand, has inked a deal to manage the 210-unit Citadines Millennium Ortigas Manila, a new serviced residence development in Ortigas Center – one of the key business and financial districts of the Philippines.

Set to open in 2015, Citadines Millennium Ortigas Manila will comprise of studio and one- and two-bedroom apartments with fully-equipped kitchens, ensuite bathrooms as well as work and living areas. Other facilities will include a gymnasium, swimming pool and resident’s lounge. 

The serviced residence enjoys proximity to a number of top Filipino and multinational companies and shopping malls. It is also near The Medical City, an internationally accredited medical facility.

The latest property is expected to further strengthen the company’s reputation as the largest international owner-operator of serviced residences in the Philippines, with more than 1,300 units in seven properties.

“We see tremendous growth opportunities for Ascott in the Philippines,” said Alfred Ong, its Managing Director for Southeast Asia and Australia.

He added that Ascott expects “strong demand for our serviced residences with the increasing number of expatriates and business travellers entering the Philippines, and target to have 10 properties in the country by 2015”.

Meanwhile, Ascott is scheduled to open Citadines Salcedo Makati within Makati Central Business District and Ascott Bonifacio Global City Manila in Taguig City come 2014.

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