CapitaLand’s wholly owned serviced residence business unit Ascott has made its first foray into the popular resort destinations of Pattaya and Cebu in the Philippines by securing five new contracts to manage 875 apartment units.
With 14 management contracts signed in Southeast Asia this year, Ascott has added more than 2,700 serviced residences in the region; more than triple the number added in the same region for the whole of 2014.
Lee Chee Koon, Ascott’s Chief Executive Officer, said: “We have ramped up our expansion in Southeast Asia as we see strong growth potential in the long-term.
“The upcoming ASEAN Economic Community will not only boost economic integration in the region, it will also transform Southeast Asia into an economic powerhouse with a population of more than 600 million.”
Lee added his view that Pattaya is a major city in Thailand’s Eastern Seaboard region with many multinational companies.
The new management contracts in Cebu and Pattaya will strengthen Ascott’s position as the largest international serviced residence owner-operator in Thailand and the Philippines.
Citadines Cebu City is slated to open in 2019 while the four new properties in Thailand – Citadines North Pattaya (pictured), Citadines Central Pattaya, Citadines Jomtien Beach Pattaya and Somerset Wong Amat Beach Pattaya will be ready to welcome guests from 2018.
The four new properties in Pattaya will cater to different segments of corporate and leisure travelers, according to the company, and signal Ascott’s expansion into its third city in Thailand after Bangkok and Sri Racha.