Ascott secures management contract for 7th Philippine property

CapitaLand’s serviced residence business unit, The Ascott, clinched a management contract on Tuesday for a new serviced residence in the Philippines.

Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila will be located in the financial district of Ortigas Centre in Metro Manila.

Ascott said the new management contract will strengthen its position as the “largest international serviced residence owner-operator in the Philippines”.

Together with the Citadines Millennium Ortigas Manila, Ascott will operate 1,300 apartment units across seven projects in the Philippines.

It currently manages Ascott Makati, Somerset Millennium Makati, Somerset Olympia Makati and Salcedo Residences.

A further two projects will open in 2014. They are the Ascott Bonifacio Global City Manila in Taguig City and Citadines Salcedo Makati in the Makati Central Business District.

In a media statement, Ascott’s managing director for Southeast Asia and Australia Alfred Ong said the company sees “tremendous growth opportunities” for Ascott in the Philippines.

Ascott targets to have 10 properties in the Philippines by 2015.

Source : Channel NewsAsia – 7 Jul 2012

Join The Discussion

Compare listings