Aug 08, 2012
by Romesh NavaratnarajahAscott Limited, a wholly-owned unit of CapitaLand, has inked a deal to manage the 210-unit Citadines Millennium Ortigas Manila (pictured), a new serviced residence development in Ortigas Center – one of the key business and financial districts of the Philippines.
Set
to open in 2015, Citadines Millennium Ortigas Manila will comprise of
studio and one- and two-bedroom apartments with fully-equipped kitchens,
ensuite bathrooms as well as work and living areas. Other facilities
will include a gymnasium, swimming pool and resident's lounge.
The
serviced residence enjoys proximity to a number of top Filipino and
multinational companies and shopping malls. It is also near The Medical
City, an internationally accredited medical facility.
The latest property
is expected to further strengthen the company's reputation as the
largest international owner-operator of serviced residences in the
Philippines, with more than 1,300 units in seven properties.
"We
see tremendous growth opportunities for Ascott in the Philippines," said
Alfred Ong, its Managing Director for Southeast Asia and Australia.
He
added that Ascott expects "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".
Meanwhile, Ascott is scheduled to open
Citadines Salcedo Makati within Makati Central Business District and
Ascott Bonifacio Global City Manila in Taguig City come 2014.
