Ascott bags deals in Cebu, Pattaya

Serviced apartment firm The Ascott Limited (Ascott) has made its first forays into Cebu in the Philippines and the Thai tourist hub of Pattaya.

The firm has secured five contracts - one in Cebu and four in Pattaya - to manage 875 apartment units across both places.

One is the 180-unit Citadines Cebu City, which will be part of a mixed-use development of offices, retail and private residential units. Cebu is the country's second-biggest business centre after Manila.

The four new Pattaya properties will cater to different segments of corporate and leisure travellers.

Ascott said yesterday that the properties in Pattaya will be ready from 2018 onwards. The property in Cebu is slated to open in 2019.

The firm has signed 14 management contracts in South-east Asia this year, adding around 2,700 serviced residence units in the region to its global portfolio. This is more than triple the number of units it added in the same region for the whole of last year.

Chief executive Lee Chee Koon said Ascott has ramped up its expansion in South-east Asia as it saw strong growth potential.

"With more than 13,000 apartment units in 73 properties across eight countries in South-east Asia, over 30 per cent of Ascott's global footprint is now concentrated in this fast-growing region," he added, noting that South-east Asia has a young population driving domestic demand, growing exports and policies to attract foreign capital.

The upcoming Asean Economic Community will boost economic integration and transform South-east Asia into "an economic powerhouse with a population of more than 600 million", said Mr Lee.

Ascott, a wholly owned unit of CapitaLand, has also secured properties in Indonesia, Malaysia, Thailand and Vietnam this year, he added. It also has a presence in Yangon, Myanmar, and Vientiane, Laos.

A version of this article appeared in the print edition of The Straits Times on October 09, 2015, with the headline 'Ascott bags deals in Cebu, Pattaya'. Print Edition | Subscribe