23 Mar

The Ascott Group Secures Management Contract For First Flagship Property Ascott Makati In The Philippines

Singapore, 23 March 2007– The Ascott Group has secured a contract from Ascott Residence Trust (ART) to manage a serviced residence located in the heart of Makati City’s central business district in Manila. 

The serviced residence, formerly known as Oakwood Premier Ayala Center, was acquired by ART in November 2006.  It was branded as Ascott Makati on 22 March 2007 and is the Group’s first flagship serviced residence under its premier Ascott brand in the Philippines.  The Group will manage the property for 10 years, with the option to renew the contract for another 10 years.
Mr Cameron Ong, The Ascott Group’s Managing Director and CEO said: “With improving foreign direct investment into the Philippines and more business travellers to the country, we are confident that Ascott will be able to capture a larger market share. Ascott Makati complements our existing three Somerset serviced residences in the Philippines to cater to the different needs of business travellers.  We are the largest branded serviced residence operator in Manila.  With Ascott Makati, the Group now has 10 Ascott branded serviced residences in 10 gateway cities worldwide.”

Mr Chong Kee Hiong, Ascott Residence Trust Management Limited’s (ARTML) CEO said: “After evaluation by the Audit Committee of ARTML, we awarded the management contract to The Ascott Group on a competitive basis. In addition, Ascott is well established in Manila, and the existing properties under its management have seen good performances. Ascott also enjoys strong international track record, and we expect to reap strong synergies as the Group is already managing two properties owned by ART in Manila."

Located at Glorietta 4 Ayala Center, Ascott Makati is a 21-storey building with two towers of serviced residences.  It is close to the headquarters of numerous multinational corporations and financial institutions.  The 306-unit property has studio and one-bedroom to three-bedroom apartments.  It has comprehensive facilities such as a fitness centre, gymnasium, swimming pool, business centre, meeting rooms, tennis courts and a restaurant. 

With the addition of Ascott Makati, the Group’s portfolio in the Philippines stands at four properties with a total of 728 units.

About The Ascott Group

The Ascott Group is the largest international serviced residence owner-operator outside the United States with over 18,500 serviced residence units in key cities of Asia Pacific, Europe and the Gulf region.

The Group operates three brands – Ascott, Somerset and Citadines. Its portfolio spans 47 cities in 21 countries including London, Paris, Brussels, Berlin, Barcelona and Moscow in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing, Hong Kong and Chennai in Asia; Sydney, Melbourne and Auckland in Australia / New Zealand, as well as Dubai in the Gulf region.

The Ascott Group is headquartered in Singapore.  It pioneered Asia Pacific's first branded luxury serviced residence in 1984. It also established the world’s first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust in 2006. Today, the Group boasts a 23-year industry track record and serviced residence brands that enjoy recognition worldwide.

The Ascott Group’s achievements have been recognised internationally.  Recent awards include Vietnam Economic Times 2006 ‘Golden Dragon Award’, The Asset’s 2006 ‘Triple A Country Award for Best Deal in Singapore’, Travel Weekly China 2006 ‘Best Serviced Residence’, Business Traveller China 2006 ‘Best Serviced Residence Brand in China’, TTG Travel 2006 ‘Best Serviced Residence’, 2006 World Travel Awards, Business Traveller Asia Pacific 2006 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence’ awards.  For a full list of awards, please visit: https://www.the-ascott.com/aboutus/awards_and_accolades.html?year=2007

Listed on the mainboard of the Singapore Exchange, The Ascott Group is the serviced residence arm of CapitaLand Limited, one of the largest listed real estate companies in Asia. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East. The company's real estate and hospitality portfolio spans more than 90 cities in over 20 countries.


Celina Low, Vice President, Corporate Communications

Tel: (65) 6586 0475 

Hp: (65) 9682 5458 

Email: celina.low@the-ascott.com

Joan Tan, Senior Manager, Corporate Communications

Tel: (65) 6586 0474 

Hp: (65) 9743 9503 

Email: joan.tan@the-ascott.com

Sandy Leng, Investor Relations

Tel: (65) 6586 7150 

Hp: (65) 9018 5168 

Email: sandy.leng@the-ascott.com