Singapore – CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), continues to expand its presence in the Philippines with the opening of its seventh property in the country – the 293-unit Citadines Millennium Ortigas Manila– and its first in Ortigas Center, a key central business district in Metro Manila. Ascott, the largest international serviced residence company in the Philippines, plans to open another nine serviced residences across Metro Manila, Cebu and Iloilo from 2018 to 2023.
Mr Arthur Gindap, Ascott's Regional General Manager for the Philippines and Thailand, said: "The opening of Citadines Millennium Ortigas Manila marks Ascott's first foray into Ortigas Center, the Philippines' second most important financial district after Makati where we have an established presence with four operating properties. Our first Citadines in the Philippines, Citadines Salcedo Makati, is performing well with an occupancy rate of 80%. Bringing Citadines to the heart of Ortigas Center expands our reach to a ready catchment of expatriates and business travellers. Guests at Citadines Millennium Ortigas Manila can enjoy the bustling area with a wide variety of shopping, dining and entertainment options nearby, as well as the flexibility to personalise their stay with the services they require."
Citadines Millennium Ortigas Manila is located in the heart of Ortigas Center, that is home to government buildings, and top local and multinational corporations including the Asian Development Bank, Jollibee Food Corporation, Meralco, San Miguel Corporation and the World Bank. Vast recreational and dining options are available in nearby shopping malls such as Robinsons Galleria, SM Megamall and The Podium, as well as entertainment hubs in Makati City, Greenhills in San Juan and Quezon City. Educational institutions such as Saint Pedro Poveda College and La Salle Green Hills, and an internationally accredited medical facility, The Medical City, are also within the vicinity of the property.
Mr Gindap added: "We continue to see strong potential for growth in the Philippines, which is forecasted by the World Bank to grow close to 7% annually over the next three years, making it one of the top performing economies in East Asia. Ascott has an established 17-year track record in the Philippines having grown our portfolio to 16 serviced residences with over 3,400 units, comprising three award-winning brands. This includes nine properties with more than 1,900 units that we plan to open in the next six years."
Citadines Millennium Ortigas Manila is a 10-minute walk to the Ortigas MRT Station, and about a 50 minute-drive to Ninoy Aquino International Airport. The serviced residence offers 293 contemporary units ranging from studio to one-, two- and three-bedroom apartments. Facilities such as a residents' lounge overlooking the city, swimming pool, fitness centre, restaurants, function rooms, and garden deck are available.
In the Philippines, Ascott currently manages Ascott Bonifacio Global City Manila, Ascott Makati, Citadines Salcedo Makati, Somerset Alabang Manila, Somerset Millennium Makati and Somerset Olympia Makati.