Ascott increases presence in the Philippines with contract to manage

SINGAPORE – 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.

Mr Arthur Gindap, Ascott’s Regional General Manager for the Philippines and Thailand, said: “We see immense potential for Ascott in the Plippines 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.”

Somerset Alabang Manila has a prime location within the fast developing Filinvest City, an integrated development comprising office, retail, residential and leisure components. The serviced residence is close to the corporate offices of multinational corporations such as Shell, HSBC and Verizon.

Situated right off the exit of the South Luzon Expressway, Somerset Alabang Manila is just a 25-minute drive away from the airport and is easily accessible from the industrial parks in Laguna, Cavite and Batangas. Guests will get to enjoy a wide range of amenities near the property, including restaurants, shopping malls, supermarkets, sports and recreational venues and even a hospital with a lifestyle medical centre.

Sourced: TravelDailyNews