CapitaLand Limited’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), more than triples units added in southeast Asia as region is set to become its fastest growing market. Ascott has made its first foray into the popular destinations of Cebu, the Philippines and Pattaya, Thailand by securing five new contracts to manage 875 apartment units.
With 14 management contracts signed in Southeast Asia this year, Ascott has added over 2,700 serviced residence units in the region; more than triple the number of units added in the same region for the whole of 2014.
The new management contracts in Cebu and Pattaya will strengthen Ascott’s position as the largest international serviced residence owner-operator in the Philippines and Thailand. Ascott has more than 1,600 units in eight serviced residences and 2,800 units across 16 properties respectively in the two countries. Citadines Cebu City is slated to open in 2019 while the four new properties in Thailand – Citadines North Pattaya, Citadines Central Pattaya, Citadines Jomtien Beach Pattaya and Somerset Wong Amat Beach Pattaya – will be ready to welcome guests from 2018 onwards.
Citadines Cebu City
The contemporary 180-unit Citadines Cebu City will be part of a mixed-use development that will also comprise offices, retail and private residential units. Ascott’s eighth serviced residence in the Philippines and its first outside Manila, Citadines Cebu City will be located within a vibrant lifestyle hub close to the business districts of Cebu Business Park and Cebu IT Park, as well as multinational companies and government offices.
Citadines North Pattaya, Citadines Central Pattaya, Citadines Jomtien Beach Pattaya and Somerset Wong Amat Beach Pattaya
The four new properties in Pattaya will cater to different segments of corporate and leisure travellers and they signal Ascott’s expansion into its third city in Thailand after Bangkok and Sri Racha. The 300-unit Citadines North Pattaya will appeal to corporate travellers from the nearby major industrial estates for automobile, shipping and metal companies while visitors who enjoy Pattaya’s bustling nightlife options will appreciate the prime location of the 150-unit Citadines Central Pattaya.