Ascott has boosted its portfolio in Philippines
by entering into a strategic alliance with one of the country’s
top real estate developers, Cebu Landmasters Inc. (CLI), to manage
1,600 units by 2022.
Under the alliance, both parties will seek
properties for CLI to develop into serviced residences to be
managed by Ascott.
Ascott and CLI have signed management contracts
for their first four properties offering over 800 units in the
prime business districts of Bacolod, Cebu City and Davao City.
Citadines Bacolod City, Citadines Cebu City, Citadines Paragon
Davao, and lyf Cebu City, will open from 2019 to 2021.
Bacolod City, the latest property sealed under the partnership,
marks Ascott’s entry into Bacolod.
Separately, Ascott also made
its foray into Quezon City, Metro Manila’s largest city, by
securing a management contract with another property owner for
Citadines Roces Quezon City, which will open in 2023.
The two new
contracts in Bacolod and Quezon City will increase Ascott’s
portfolio in Philippines by 27% year-on-year to over 4,300 units.
Mr Kevin Goh, Chief Executive Officer, The
Ascott Limited, said, “Ascott’s alliance with CLI in the
Philippines builds on the strategic partnerships we have forged
around the world to accelerate Ascott’s growth globally.
Leveraging Ascott’s global network and strong hospitality
expertise, as well as CLI’s well-established reputation in the
Philippines, the partnership will allow us to gain access to a pipeline of quality projects in the country. This will fast-track
our expansion and strengthen Ascott’s leadership position as the largest international hospitality player in the Philippines.
Having leading industry players choose to partner Ascott speaks
volume of the value we bring to our partners. We are confident
that Ascott will exceed 80,000 units in 2018 and expand to 160,000
units worldwide by 2023.”
Excellence in Design
for Greater Efficiencies
In a world’s first,
International Finance Corporation (IFC), a member of the World
Bank Group, has signed a Memorandum of Understanding with
Ascott to pioneer a green building certification for serviced
residences, as part of IFC’s Excellence in Design for Greater
Efficiencies (EDGE) system.
Ascott Makati in Philippines is
set to be the first serviced residence to receive this EDGE
certification. Under the MOU, Ascott and IFC will also jointly
source for properties to be developed to the EDGE’s new serviced
residence green standards, with potential financial support from
IFC, as well as management services provided by Ascott.