Ascott Signs New Somerset in Manila

Ascott has increased its portfolio 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, slated to open in 2017, 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.

Somerset Alabang Manila will offer studio, one to three-bedroom residences and penthouse units.

All apartments will come with a fully-equipped kitchen, separate living, dining and work areas.

The comprehensive facilities at the serviced residence will include an outdoor swimming pool, gymnasium, residents’ lounge, children’s playroom, meeting rooms and business centre.

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

Apart from Somerset Alabang Manila, Ascott is also set to open Ascott Bonifacio Global City Manila and Citadines Salcedo Makati in 2014 and Citadines Millennium Ortigas Manila in 2015.