Ascott has entered into an alliance with Philippines’ Cebu Landmasters (CLI) to manage 1,600 units in the country by 2022.
The two parties have already signed management contracts for their first four properties offering over 800 units.
Slated to open from 2019 to 2021 are Citadines Bacolod City – which will mark the CapitaLand subsidiary’s debut in the city – Citadines Cebu City, Citadines Paragon Davao and lyf Cebu City.
Separately, Ascott also made its foray into Quezon City, Metro Manila’s largest city, by scoring 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 the Philippines by 27 per cent year-on-year to over 4,300 units.
In the Philippines, Ascott has 20 properties either operating or in the development pipeline, offering over 4,300 units. Of these, 13 are slated to open from 2018 to 2023.
Daniel Wee, Ascott’s country general manager for the Philippines, said: “Ascott has been in the Philippines for 18 years with strong performing properties that enjoy an average occupancy rate of about 80 per cent under our brands Ascott, Citadines and Somerset. We are on track to achieve Ascott’s target of 6,000 units in the Philippines by 2020.”
Meanwhile, the International Finance Corporation, a member of the World Bank Group, has signed an MoU with Ascott to pioneer a green building certification for serviced residences. Ascott Makati is set to be the first serviced residence to receive this certification.
