MANILA, Philippines - Real estate
developer CDC Holdings Inc. has teamed up anew with The Ascott Ltd., this time
for the P2.5-billion Citadines Millenium Ortigas Manila serviced residence.
The Ascott is the world’s largest
international serviced residence owner-operator with more than 30,000 serviced
residence units in 75 cities across 21 countries. It operates three brands –
Ascott, Citadines and Somerset.
In a briefing yesterday, CDC Holdings
executive vice-president Charlene D. Chua said Citadines Millenium Ortigas, its
second project with The Ascott, will offer more than 400 serviced apartments
and residential condominium units once completed by 2015.
She said 210 units will comprise serviced
apartments while the other 200 will be residential units.
Located on a 1,700-square meter
property at the corner of Ortigas Ave. and Sapphire St., Citadines Millenium
Ortigas will offer expatriates and business travellers a choice of studios and
one- to two-bedroom apartments with sizes ranging from 30 to 60 sqm.
Alfred Ong, Ascott’s managing director
for Southeast Asia and Australia, said Citadines Millenium Ortigas marks the
group’s first project in the Ortigas central business district and fortifies
its leadership position as the largest international serviced owner/operator in
the Philippines with over 1,300 apartment units across seven properties.
Ascott has built a strong presence in
Makati since its entry in 2000. It currently manages Ascott Makati, Somerset
Millenium Makati, Sommerset Olympia Makati and Salcedo Residences in the
Philippines. Under construction are
Ascott Bonifacio Global City in Taguig and Citadines Salcedo Makati, both
slated for opening in 2014.
“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…We expect strong demand
for our serviced residences with the increasing number of expatriates and
business travellers entering the Philippines,” Ong said.
Arthur Gindap, Ascott’s country
general manager for the Philippines, said the group’s expansion into Ortigas
Center will allow them to “further tap on the growing accommodation demand in
the country’s second most important financial district after Makati.”
Owned by businesswoman Elsie Chua, CDC
Holdings has established itself as one of the recognized property developers in
the country with Quadrillion Mansion in San Juan, Sommerset Millenium Suites,
Platinum 1000 and Platinum 2000 in Anapolis, Greenhills as its notable
projects.
CDC Holdings is targeting P1.5 billion
in sales this year, nearly double the P800 million recorded in 2011.
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