Somerset Holdings Extends Presence To Manila, With Acquisition of Prime Serviced Residence
Somerset Holdings has entered into a sale and purchase agreement to acquire part of a premier 31-storey serviced residence in Makati City, Metro Manila, extending its presence to this major city for the first time.
The US$12 million (S$20.5 million) transaction will involve Somerset Holdings' entering into joint ventures with two Philippine partners with existing local property interests. Somerset and these JV partners will together acquire 60 per cent of the residential cum commercial building, and Somerset Holdings' effective stake will be 45 per cent of the entire development.
The project in Makati's central business district comprises 152 residential units, five commercial units and 142 carpark lots. Somerset and its JV partners' investment involves the purchase of 70 residential units, 105 carpark lots and five commercial units, as the rest of the property has been sold to various other buyers.
The complex, which is five minutes' walk from the Greenbelt-shopping mall in Legaspi Village, Makati, is developed and marketed by Triple- A-Properties. This is a subsidiary of the Quadrillion Group, a leading property group in the Philippines.
The chief executive officer of Somerset Holdings, Mr Kee Teck Koon, said: "The acquisition is in line with our strategy to establish a strong operations and marketing chain in the major Asia Pacific cities, and build 'Somerset' as a clear regional brand leader in the serviced residence sector.
"As the Philippines' economy improves, we expect increasing demand for quality serviced residences from business travellers on extended stay. We will set new benchmarks in the country for service and product quality in this growing niche of the hospitality industry."
Somerset International, the management arm of Somerset Holdings, will manage the entire development, which will open in June. This includes operating the 152-unit serviced residence, which will be named Somerset Millennium.
The serviced residence boasts elegantly furnished apartments and facilities such as a café lounge, business centre, gymnasium, swimming pool and function rooms.
The Somerset brand of serviced residences comprises an extensive network of strategically located residences in 23 Asia Pacific cities to serve the needs of international business travellers. They feature the comforts and services these individuals and their families appreciate.
About Somerset Holdings
Somerset Holdings is a leading owner and manager of serviced residences and retail properties in the Asia Pacific region.
The company is the hospitality and retail subsidiary of Pidemco Land, and is publicly listed in Singapore. Somerset Holdings owns or manages 3,200 serviced residence units and about 300,000 square metres of retail space in the Asia Pacific.
Ida Lim, Vice President
Investor Relations & Corporate Communications
Tay Cheng Cheng, Assistant Manager
Issued by: Somerset Holdings Limited