Ascott Clinches Contract To Manage Its Seventh Property In The Philippines
210-unit Citadines Millennium Ortigas Manila to open in 2015
Singapore, 7 August 2012 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a management contract for a new serviced residence in Ortigas Center, a key business and financial district in Metro Manila, Philippines. Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila strengthens Ascott’s leadership position as the largest international serviced residence owner-operator in the Philippines with over 1,300 apartment units across seven properties.
Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “We see tremendous growth opportunities for Ascott in the Philippines. Foreign direct investment into the country in 2011 climbed to the highest level since 1996. Further growth is projected with Philippines’ credit ratings upgraded by Fitch, Moody’s and Standard & Poor’s. We expect 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.”
He added: “Ascott already has a strong presence in Makati, the Philippines’ business capital. By bringing our Citadines brand to Ortigas Center, we will expand our reach and tap on the growing accommodation demand in the Philippines’ second most important financial district after Makati. At Citadines, we offer a flexible services menu so residents can customise their stay experience. This is an alternative to the current accommodation options available in Ortigas Center and will appeal to the expatriates and business travellers.”
Citadines Millennium Ortigas Manila is strategically located in Ortigas Center, home to many top Filipino and multinational companies. These include the Asian Development Bank, Jollibee Food Corporation, Meralco, San Miguel Corporation and the World Bank. The serviced residence is close to shopping malls such as SM Megamall and Robinsons Galleria. The Medical City, an internationally accredited medical facility, can also be found within its vicinity.
Citadines Millennium Ortigas Manila will offer expatriates and business travellers a choice of studios, one- and two-bedroom apartments. Each stylishly furnished apartment comes with a fully-equipped kitchen, separate living, work and sleeping areas, ensuite bathroom and other modern amenities. Residents can also enjoy facilities including a swimming pool, gymnasium and resident’s lounge.
Besides Citadines Millennium Ortigas Manila, Ascott will open Ascott Bonifacio Global City Manila in Taguig City and Citadines Salcedo Makati within the Makati Central Business District in 2014. Ascott currently manages Ascott Makati, Somerset Millennium Makati, Somerset Olympia Makati and Salcedo Residences in the Philippines.
About The Ascott Limited
The Ascott Limited is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of more than 30,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 15 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 28-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Recent awards include DestinAsian Readers’ Choice Awards 2012 for ‘Best Serviced Apartment’, TTG China Travel Awards 2012 for ‘Best Serviced Residence Operator in China’, TTG Travel Awards 2011 for ‘Best Serviced Residence Operator’, Business Traveller Asia-Pacific Awards 2011 for ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, and Business Traveller UK Awards 2011 for ‘Best Serviced Apartment Company’.
About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.