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Ascott has signed a management contract for a
new serviced residence in Ortigas Center, a key business and
financial district in Metro Manila, Philippines.
Scheduled to open
in 2015, the 210-unit Citadines Millennium Ortigas Manila
strengthens Ascott’s position in the Philippines with over 1,300
apartment units across seven properties.
Citadines
Millennium Ortigas Manila is located in Ortigas
Center, home to many top Filipino and multinational companies.
These include the Asian Development Bank, Jollibee Food
Corporation, Meralco, San Miguel Corporation and the World Bank.
The serviced residence is close to shopping malls such as SM
Megamall and Robinsons Galleria. The Medical City, an
internationally accredited medical facility, can also be found
within its vicinity.
Citadines Millennium Ortigas Manila will
offer expatriates and business travellers a choice of studios,
one and two-bedroom apartments.
Each
apartment comes with a fully-equipped kitchen, separate living,
work and sleeping areas, ensuite bathroom and other modern
amenities.
Residents can also enjoy facilities including a
swimming pool, gymnasium and resident’s lounge.
Mr Alfred Ong, Ascott’s Managing Director for
Southeast Asia and Australia, said, “We see tremendous growth opportunities for Ascott in the Philippines. Foreign direct
investment into the country in 2011 climbed to the highest level since 1996. Further growth is projected with Philippines’ credit
ratings upgraded by Fitch, Moody’s and Standard & Poor’s. We
expect 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.”
Besides
Citadines Millennium Ortigas Manila, Ascott will open Ascott
Bonifacio Global City Manila in Taguig City and Citadines Salcedo
Makati within the Makati Central Business District in 2014.
The company
currently manages Ascott Makati, Somerset Millennium Makati,
Somerset Olympia Makati and Salcedo Residences in the Philippines.
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