CapitaLand's Ascott beefs up Philippines portfolio with new 150-unit property

It's slated to open in 2017.

According to a release, CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has increased its presence in the Philippines by securing a contract to manage a serviced residence in Alabang, a major business district in Metro Manila, Philippines. The 150-unit Somerset Alabang Manila is slated to open in 2017. It will reinforce Ascott’s position as the largest international serviced residence owneroperator in the Philippines with more than 1,400 apartment units across eight properties.

Mr 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% 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 centre, with three operating properties.

Hence, we are actively expanding in other business districts where foreign direct investment has generated robust demand for serviced residences.”Mr Gindap added: “With Somerset Alabang Manila, we are well positioned to cater to expatriates and business travellers from the business process outsourcing, call centre, engineering and construction companies in the Alabang district.

The new property will also allow us to tap on the growing demand from the manufacturing and electronics industries in the economic zones of Laguna, Cavite and Batangas.”