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Ascott Expands Manila Portfolio with New Citadines

Travel News Asia Latest Travel News Podcasts Videos Tuesday, 7 August 2012
 

Ascott has signed a management contract for a new serviced residence in Ortigas Center, a key business and financial district in Metro Manila, Philippines.

Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila strengthens Ascotts position in the Philippines with over 1,300 apartment units across seven properties.

Citadines Millennium Ortigas Manila is located in Ortigas Center, home to many top Filipino and multinational companies. These include the Asian Development Bank, Jollibee Food Corporation, Meralco, San Miguel Corporation and the World Bank.

The serviced residence is close to shopping malls such as SM Megamall and Robinsons Galleria. The Medical City, an internationally accredited medical facility, can also be found within its vicinity.

Citadines Millennium Ortigas Manila will offer expatriates and business travellers a choice of studios, one and two-bedroom apartments.

Each apartment comes with a fully-equipped kitchen, separate living, work and sleeping areas, ensuite bathroom and other modern amenities.

Residents can also enjoy facilities including a swimming pool, gymnasium and residents lounge.

Mr Alfred Ong, Ascotts Managing Director for Southeast Asia and Australia, said, We see tremendous growth opportunities for Ascott in the Philippines. Foreign direct investment into the country in 2011 climbed to the highest level since 1996. Further growth is projected with Philippines credit ratings upgraded by Fitch, Moodys and Standard & Poors. We expect strong demand for our serviced residences with the increasing number of expatriates and business travellers entering the Philippines, and target to have 10 properties in the country by 2015.

Besides Citadines Millennium Ortigas Manila, Ascott will open Ascott Bonifacio Global City Manila in Taguig City and Citadines Salcedo Makati within the Makati Central Business District in 2014.

The company currently manages Ascott Makati, Somerset Millennium Makati, Somerset Olympia Makati and Salcedo Residences in the Philippines.

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