MANILA, Philippines – Ascott Ltd, the wholly-owned serviced residence business unit of Singapore-based CapitalLand – one of the biggest property developers in Asia – has increased its presence in the Philippines by securing a contract to manage a serviced residence in Alabang.
The 150-unit Somerset Alabang Manila, slated to open in 2017, will reinforce Ascott’s position as the largest international serviced residence owner-operator in the Philippines with more than 1,400 apartment units across eight properties.
Arthur Gindap, Ascott’s regional general manager for the Philippines and Thailand, said: “We see immense potential for Ascott in the Philippines as the country continues to enjoy strong economic growth and to attract foreign direct investment. In 2012, foreign direct investment into the Philippines grew by almost 10 percent over 2011. The Philippines’ recent credit rating upgrade to investment grade by Fitch and Standard & Poor’s will spur further growth. Ascott already has a strong foothold in Makati City, the country’s primary financial center, with three operating properties. Hence, we are actively expanding in other business districts where foreign direct investment has generated robust demand for serviced residences.”
The contract was awarded by LBL Prime Properties Inc., a land owner and developer with extensive experience in serving the commercial, hospitality, logistics and manufacturing industries in Asia.
Somerset Alabang Manila has a prime location within the fast developing Filinvest City, an integrated development comprising office, retail, residential and leisure components. The serviced residence is close to the corporate offices of multinational corporations such as Shell, HSBC, Verizon and Fluor Daniel.
Somerset Alabang Manila will offer spacious studio, one- to three-bedroom residences and penthouse units. All apartments will come with a fully-equipped kitchen, separate living, dining and work areas. The comprehensive facilities at the serviced residence include an outdoor swimming pool, gymnasium, residents’ lounge, children’s playroom, meeting rooms and business center.
Apart from Somerset Alabang Manila, Ascott is also set to open Ascott Bonifacio Global City Manila and Citadines Salcedo Makati in 2014 and Citadines Millennium Ortigas Manila in 2015.