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,
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.
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
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
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