17 Jul
2000

Somerset Extends Presence To Philippines With Opening Of Its First Serviced Residence In Manila

Somerset Holdings today extends its presence to the Philippines with the opening of its first serviced residence in Manila, a prime 31-storey development in Makati.

The 151-unit Somerset Millennium is strategically located in the heart of Philippines' financial centre. It is also close to the Greenbelt Commercial Centre, a major shopping mall in Legaspi Village.

Somerset Holdings has invested US$12 million in the prestigious development, owning 45 per cent stake in the new residential cum commercial building.

Somerset's chief executive officer, Mr Kee Teck Koon, said: "The opening of Somerset Millennium marks our definitive entry into the serviced residence market of the Philippines.

"This is in line with our strategy to establish strong operations and a marketing chain in the major Asia Pacific cities. We will set new benchmarks in product and service standards, and build 'Somerset' into a clear regional brand leader in the serviced residence sector."

Somerset Millennium's units feature elegantly furnished living and dining areas with lots of wood and granite, fully equipped kitchens and modern amenities. Services residents enjoy include 24-hour concierge and security services, and a comprehensive business centre.

Recreational facilities for residents range from a sky pool and fully equipped gymnasium to an entertainment centre. Also conveniently located in the building are shops, restaurants and offices.

The serviced residence is managed by Somerset International, the management arm of Somerset Holdings.

The entire complex was developed by a subsidiary of the Quadrillion Group, a leading property company in the Philippines.

Somerset Holdings is a market leader in the Asia Pacific region, with one of the largest portfolios of serviced residences in this part of the world. Headquartered in Singapore, it owns or manages over 3,200 serviced residences in 16 cities in 10 countries.

Its premier serviced residence brand, Somerset Residences, has gained regional brand leadership and recognition for its innovative approach, product and service quality.

Somerset International, its management arm specialises in the management of serviced residences and shopping malls. With over 15 years' international experience, it adds value to attractive hospitality investments through its strong brand and management capabilities.

Somerset Holdings is public-listed in Singapore and is the hospitality and retail subsidiary of Pidemco Land.
 


 

Ida Lim, Vice President
Investor Relations & Corporate Communications
Tel: 65867-230 Hp: 9-628-8339 Fax: 62272-220

 

Issued by: Somerset Holdings Limited