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Fri, 27 July 2018

Ascott Expands Portfolio in Philippines with Cebu Landmasters Alliance

Ascott has boosted its portfolio in Philippines by entering into a strategic alliance with one of the countrys 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.

From left to right: Mr Jose Franco B. Soberano, CLIs Chief Operating Officer; Mr Jose Soberano III, CLIs Chief Executive Officer; Mr Kevin Goh, Ascotts Chief Executive Officer; and Mr Daniel Wee, Ascotts Country General Manager for the Philippines; at the MoU signing ceremony of Ascotts strategic alliance with CLI at Ascott Makati in the Philippines. The strategic alliance targets to secure 1,600 units by 2022 in the Philippines, where both parties will seek properties for CLI to develop into serviced residences to be managed by Ascott. Click to enlarge.

Citadines Bacolod City, the latest property sealed under the partnership, marks Ascotts entry into Bacolod.

Separately, Ascott also made its foray into Quezon City, Metro Manilas 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 Ascotts portfolio in Philippines by 27% year-on-year to over 4,300 units.

Mr Kevin Goh, Chief Executive Officer, The Ascott Limited, said, Ascotts alliance with CLI in the Philippines builds on the strategic partnerships we have forged around the world to accelerate Ascotts growth globally. Leveraging Ascotts global network and strong hospitality expertise, as well as CLIs 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 Ascotts 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 worlds 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 IFCs 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 EDGEs new serviced residence green standards, with potential financial support from IFC, as well as management services provided by Ascott.

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