Ascott has secured a management contract for a new serviced residence in Manila’s Ortigas Center.
Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila boosts Ascott’s Philippine portfolio to seven properties, comprising more than 1,300 units.
“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,” said Alfred Ong, Ascott’s Managing Director for Southeast Asia & Australia.
“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,” he added.
Citadines Millennium Ortigas Manila offers a range of studios, one- and two-bedroom apartments, each including a kitchen and separate living, work and sleeping areas. Property facilities include a swimming pool, gymnasium and resident’s lounge.
Ascott will continue its expansion in the Philippines with the opening of the Ascott Bonifacio Global City Manila and Citadines Salcedo Makati in 2014.