CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first serviced residence in Cambodia. Somerset Norodom will open in Cambodia’s capital and economic hub of Phnom Penh in 2018. The property will add another 105 apartment units to Ascott’s Southeast Asian portfolio, bringing its total in the region to over 13,000 units in 74 properties across nine countries. The expansion comes hot on the heels of the company securing five properties in Cebu, the Philippines and Pattaya, Thailand early this month.
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “We are bullish about the growth potential of the Southeast Asian markets. Cambodia has achieved sustained economic growth amid greater political stability. We expect demand for serviced residences to grow given its economic progress and the absence of international-standard serviced residence in the country. As the first international serviced residence operator in Cambodia, Ascott will gain first-mover advantage to capture the underserved accommodation segment.”
Somerset Norodom Phnom Penh will be part of a 28-storey mixed-use development that is located in an exclusive district. It is bordered by Norodom and Monivong boulevards – two major roads running across the city centre. Embassies, foreign banks, multinational corporations and government agencies such as Microsoft and Japan International Cooperation Agency are within close proximity. Several commercial properties are also under development in the property’s vicinity, enhancing the area's vibrancy by offering more retail, food and beverage options.
Somerset Norodom Phnom Penh provides expatriates and business travellers the comforts of a home away from home with its stylish and fully furnished apartments ranging from spacious studio to two-bedroom apartments. An ideal choice for travelling families, the serviced residence will have a swimming pool, children’s wading pool and playroom, gymnasium, sauna and residents’ lounge. Somerset Norodom Phnom Penh will also offer 24-hour reception and security, housekeeping, laundry and dry cleaning services as well as residents’ programmes to help guests settle into their new homes whether they are staying for months or years.