Ascott Signs First Serviced Apartments in Cambodia

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.

Somerset Norodom Phnom Penh will feature fully furnished apartments ranging in size from studio to two-bedroom apartments.

Facilities will include a swimming pool, children’s wading pool and playroom, gymnasium, sauna and residents’ lounge.

Somerset Norodom Phnom Penh will also offer 24-hour reception and security, housekeeping, laundry and dry cleaning services.

“Cambodia 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 Trust.”

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.