The Ascott Limited has signed an agreement to boost its portfolio in the Philippines by partnering with Cebu Landmasters Inc to manage 1,600 units by 2022.
The Ascott Limited (Ascott) is a wholly owned service residence business unit of CapitaLand, while Cebu Landmasters Inc. (CLI) is one of the biggest real estate developers in the Philippines. Under the strategic alliance, both companies will seek properties for CLI to develop into service residences to be managed by Ascott.
Kevin Goh, CEO of The Ascott Limited, commented: “Ascott’s alliance with CLI in the Philippines builds on the strategic partnerships we have forged around the world to accelerate Ascott’s growth globally. Leveraging Ascott’s global network and strong hospitality expertise, as well as CLI’s well-established reputation in the Philippines, the partnership will allow us to gain access to a pipeline of quality projects in the country.”
“Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide by 2023”
Goh added: “Having leading industry players choose to partner Ascott speaks volume of the value we bring to our partners. We are confident that Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide by 2023.”
With plans of operating in the country’s top business districts and major cities, Ascott and CLI already signed management contracts for their first four properties, offering more than 800 units in Bacolod, Cebu and Davao City.
Citadines Bacolod City, Citadines Cebu City, Citadines Paragon Davao, and lyf Cebu City will open from 2019 to 2021. Citadines Bacolod City, the latest property sealed under the partnership, marks Ascott’s entry into Bacolod. Additionally, Ascott also made its foray into Quezon City, Metro Manila’s largest city, by signing a management contract with another property owner for Citadines Roces Quezon City, which will open in 2023.
The two new contracts in Bacolod and Quezon City will increase Ascott’s portfolio in the Philippines by 27% year-on-year to over 4,300 units.