Ascott has extended its global footprint to the
fast-developing market of Cambodia by securing a contract to
manage its first serviced residence in the country.
Somerset Norodom Phnom Penh, scheduled to open
in 2018, will be part of a 28-storey mixed-use development bordered by Norodom and Monivong
boulevards – two major roads running across the city centre.
Phnom Penh will feature fully
furnished apartments ranging in size from studio to
Facilities will include a swimming pool, children’s
wading pool and playroom, gymnasium, sauna and residents’
Somerset Norodom Phnom Penh will also offer
24-hour reception and security, housekeeping, laundry and dry
has achieved sustained economic growth amid greater political
stability. We expect demand for serviced residences to grow given
its economic progress and the absence of international-standard
serviced residence in the country. As the first international
serviced residence operator in Cambodia, Ascott will gain
first-mover advantage to capture the underserved accommodation
segment,” said Mr Lee Chee Koon, Ascott’s Chief Executive Officer.
“With this latest property in
Cambodia, we have added nine new cities to Ascott’s portfolio this
year. We entered Cebu in the Philippines; Istanbul in Turkey; Kota
Kinabalu and Miri in Malaysia; Pattaya in Thailand; Yogyakarta in
Indonesia; Nantong in China; and also expanded to the United
States of America through the acquisition of a prime property in
New York by our real estate investment trust, Ascott Residence
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.
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