12 Sep
2002

Ascott Secures New Management Contract To Become Manila’s Largest Serviced Residence Chain

The Ascott Group, a leading international serviced residence company, has secured a management contract for a 116-unit serviced residence in Makati City, the Philippines.

This makes Ascott the largest international serviced residence chain in the city, with 405 apartments. It now commands 47 per cent of Manila’s four and five-star serviced residence market.

Olympia Suites is an operational serviced residence located near the Manila Stock Exchange, Glorietta and Landmark shopping malls and hotels in the Makati business district.

Ascott will operate the serviced residence for five years, with the option to renew the contract for another five years.

The residence will be progressively upgraded to Somerset standards for US$3.2 million, and relaunched as Somerset Olympia, Makati by the second quarter of next year. Its staff are being trained on Ascott’s operational and service delivery systems.

The Ascott Group is the Asia Pacific’s largest serviced residence chain, with 8,200 units in 20 cities across Asia, Australasia and the United Kingdom.

Ascott has two other Somerset residences in the Philippines - the 138-unit Somerset Millennium, Makati and the 150-unit Somerset Salcedo, Makati.

The group’s chief operating officer, Mr Cameron Ong, said: "We see Manila’s serviced residence industry expanding further as the Philippines economy and political situation stabilise.

"Our ‘enriched living experience’ programme for our guests in the Philippines has set new standards in how serviced residences can provide business travellers and their families with a nurturing home and support community. Our resident activities facilitate guests’ business networking, community integration and family recreation in Manila," he said.

Mr Ong added that Ascott is working to secure more serviced residence management contracts in the Asia Pacific to grow its portfolio of serviced residence units.

Olympia Suites comprises studio suites to two-bedroom penthouses and offers facilities such as a swimming pool, restaurants, gym and business centre.

As part of the group’s Somerset brand of serviced residences, the property will be targeted at middle to upper management executives and project a stylish and contemporary lifestyle.

It will benefit from Ascott’s global sales and marketing network, and proven operational and service delivery systems.

 


 

BACKGROUND 


A. The Ascott Group’s Other Properties In The Philippines

Somerset Millennium – 138 units, Legaspi Village, Makati City
In the heart of Makati City’s business and entertainment district, the residence is close to the Landmark and Glorietta shopping malls, Pasay Road fine-dining area, and The Fort, where the British and International schools are located. The residence offers panoramic views of the Makati skyline. Units range from deluxe to two- bedroom suites.

Somerset Salcedo - 150 units, Salcedo Village, Makati City
The Powerplant shopping and entertainment mall at Rockwell Centre is a 10- minute drive away. Within walking distance is Makati Avenue, with its many fine restaurants and entertainment centres. The various embassies at Salcedo Village are nearby. Units range from studio to three-bedroom suites.

B. About The Ascott Group

The Ascott Group is a leading international serviced residence company. It manages a portfolio of 8,200 serviced residence units in 20 cities in 11 countries across Asia, Australasia and the United Kingdom.

In its drive for international leadership in the serviced residence industry, the group today commands pole positions in many gateway cities such as Singapore, London, Beijing, Shanghai, Jakarta, Hanoi, Ho Chi Minh City, Sydney and Melbourne.

The Ascott Group pioneered the Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts an 18-year industry track record and serviced residence brands that are market leaders in the Asia Pacific.

The group's luxury The Ascott brand projects an elegant lifestyle appealing to top executives. The Somerset brand offers stylish, contemporary living for senior to upper management executives.

Headquartered in Singapore, The Ascott Group's shares trade as 'Ascott' on the Singapore Exchange. It is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.  

 

 

Ida Lim, Vice President, Investor Relations & Corporate Communications
Tel: (65) 6586 7230 Hp: (65) 9628 8339 Fax: (65) 6586 7202
Email: ida.lim@the-ascott.com

Tay Cheng Cheng, Assistant Manager
Tel: (65) 6586 7231 Hp: (65) 9010 0627 Fax: (65) 6586 7202
Email: tay.chengcheng@the-ascott.com