Ascott expands in the Philippines
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Ascott has increased its presence in the Philippines with the signing of a new serviced residence in Manila.
The 150-unit Somerset Alabang Manila is slated to open in 2017, adding to the eight properties the company currently operates in the country.
“We see immense potential for Ascott in the Philippines as the country continues to enjoy strong economic growth and to attract foreign direct investment,” said Arthur Gindap, Ascott’s regional general manager for the Philippines & Thailand. “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.”
Located in the Alabang business district of the Philippine capital, Somerset Alabang Manila will form part of a new integrated development comprising office, retail, residential and leisure components. The property will offer studio, one- to three-bedroom residences and penthouse units, all equipped with kitchens and separate living and dining areas. Communal facilities will include an outdoor swimming pool, gymnasium, residents’ lounge, children’s playroom, meeting rooms and a business centre.
The signing of Somerset Alabang Manila marks the latest stage in Ascott’s Philippine expansion; the company is already planning to open the Ascott Bonifacio Global City Manila and Citadines Salcedo Makati in 2014 and Citadines Millennium Ortigas Manila in 2015.
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