Ascott has continued its expansion in Southeast Asia with the signing of its first ever property in Cambodia.
The serviced apartment company will launch the Somerset Norodom in Phnom Penh in 2018, adding 105 units to its Southeast Asian inventory.
The Cambodian deal comes just weeks after Ascott secured deals for five Southeast Asian properties located in Cebu and Pattaya. The company now has a total of 74 properties, comprising 13,000 units, across nine Southeast Asian countries.
“We are bullish about the growth potential of the Southeast Asian markets,” said Lee Chee Koon, Ascott’s CEO. “The establishment of the ASEAN Economic Community in a few months’ time bodes well for Ascott, as it will further boost the competitiveness and connectivity of the region.
“Cambodia has achieved sustained economic growth amid greater political stability. We expect demand for serviced residences to grow given its economic progress and the absence of international-standard serviced residence in the country. As the first international serviced residence operator in Cambodia, Ascott will gain first-mover advantage to capture the underserved accommodation segment,” he added.
Somerset Norodom Phnom Penh will be part of a 28-storey mixed-use development in the Cambodian capital.
It will offer apartments ranging from studios to two-bedroom units, plus a swimming pool, children’s pool and playroom, gymnasium, sauna and residents’ lounge.
With this latest property in Cambodia, Ascott has now added six new Southeast Asian cities to its portfolio this year: Phnom Penh, Cebu, Kota Kinabalu, Miri, Pattaya and Yogyakarta.