CapitaLand's Ascott set to build Citadines residences in Philippines

The 210-unit Citadines Millennium Ortigas Manila is scheduled to open in 2015.

In a release, CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a management contract for a new serviced residence in Ortigas Center, a key business and financial district in Metro Manila, Philippines. Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila strengthens Ascott’s leadership position as the largest international serviced residence owner-operator in the Philippines with over 1,300 apartment units across seven properties.

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “We see tremendous growth opportunities for Ascott in the Philippines. Foreign direct investment into the country in 2011 climbed to the highest level since 1996. Further growth is projected with Philippines’ credit ratings upgraded by Fitch, Moody’s and Standard & Poor’s. We expect strong demand for our serviced residences with the increasing number of expatriates and business travellers entering the Philippines, and target to have 10 properties in the country by 2015.”

He added: “Ascott already has a strong presence in Makati, the Philippines’ business capital. By bringing our Citadines brand to Ortigas Center, we will expand our reach and tap on the growing accommodation demand in the Philippines’ second most important financial district after Makati. At Citadines, we offer a flexible services menu so residents can customise their stay experience. This is an alternative to the current accommodation options available in Ortigas Center and will appeal to the expatriates and business travellers.”

Citadines Millennium Ortigas Manila is strategically located in Ortigas Center, home to many top Filipino and multinational companies. These include the Asian Development Bank, Jollibee Food Corporation, Meralco, San Miguel Corporation and the World Bank. The serviced residence is close to shopping malls such as SM Megamall and Robinsons Galleria. The Medical City, an internationally accredited medical facility, can also be found within its vicinity.

Citadines Millennium Ortigas Manila will offer expatriates and business travellers a choice of studios, one- and two-bedroom apartments. Each stylishly furnished apartment comes with a fully-equipped kitchen, separate living, work and sleeping areas, ensuite bathroom and other modern amenities. Residents can also enjoy facilities including a swimming pool, gymnasium and resident’s lounge.