SINGAPORE - CapitaLand's wholly owned serviced unit, The Ascott Ltd, has secured a contract to manage its first serviced residence in Cambodia.
Somerset Norodom will open in Cambodia's capital of Phnom Penh in 2018. The property will add another 105 apartment units to Ascott's Southeast Asian portfolio, bringing its total in the region to over 13,000 units in 74 properties across nine countries, said Ascott.
The expansion comes hot on the heels of the company securing five properties in Cebu, the Philippines and Pattaya, Thailand earlier this month.
Said Mr Lee Chee Koon, Ascott's chief executive officer: "We are bullish about the growth potential of the Southeast Asian markets. 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, and increase business activities and foreign direct investments in the markets."
"With our entry into Cambodia, Ascott is now present across nine out of 10 countries in Asean, giving us a strong foothold in the region."