Ascott Increases Presence In The Philippines With Contract To Manage Eighth Property

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, has increased its presence in the Philippines by securing a contract to manage a serviced residence in Alabang, a major business district in Metro Manila, Philippines. The 150-unit Somerset Alabang Manila is slated to open in 2017. It will reinforce Ascott's position as the largest international serviced residence owner-operator in the Philippines with more than 1,400 apartment units across eight properties.

Mr Arthur Gindap, Ascott's Regional General Manager for the Philippines and Thailand, said: "We see immense potential for Ascott in the Philippines as the country continues to enjoy strong economic growth and to attract foreign direct investment. In 2012, foreign direct investment into the Philippines grew by almost 10% over 2011. The Philippines' recent credit rating upgrade to investment grade by Fitch and Standard & Poor's will spur further growth. Ascott already has a strong foothold in Makati City, the country's primary financial centre, with three operating properties. Hence, we are actively expanding in other business districts where foreign direct investment has generated robust demand for serviced residences."

Mr Gindap added: "With Somerset Alabang Manila, we are well positioned to cater to expatriates and business travellers from the business process outsourcing, call centre, engineering and construction companies in the Alabang district. The new property will also allow us to tap on the growing demand from the manufacturing and electronics industries in the economic zones of Laguna, Cavite and Batangas."

About Somerset Alabang Manila

Somerset Alabang Manila has a prime location within the fast developing Filinvest City, an integrated development comprising office, retail, residential and leisure components. The serviced residence is close to the corporate offices of multinational corporations such as Shell, HSBC and Verizon.

Situated right off the exit of the South Luzon Expressway, Somerset Alabang Manila is just a 25-minute drive away from the airport and is easily accessible from the industrial parks in Laguna, Cavite and Batangas. Guests will get to enjoy a wide range of amenities near the property, including restaurants, shopping malls, supermarkets, sports and recreational venues and even a hospital with a lifestyle medical centre.

Somerset Alabang Manila will offer spacious studio, one- to three-bedroom residences and penthouse units. All apartments will come with a fully-equipped kitchen, separate living, dining and work areas. The comprehensive facilities at the serviced residence include an outdoor swimming pool, gymnasium, residents' lounge, children's playroom, meeting rooms and business centre.

Apart from Somerset Alabang Manila, Ascott is also set to open Ascott Bonifacio Global City Manila and Citadines Salcedo Makati in 2014 and Citadines Millennium Ortigas Manila in 2015.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 9,000 units which are under development, making a total of more than 32,000 units in over 200 properties.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 18 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 29-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2013 for 'Best Serviced Apartment/Residence Operator', TTG China Travel Awards 2013 for 'Best Serviced Residence Operator in China', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', Business Traveller Asia-Pacific Awards 2012 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2012 for 'Best Serviced Apartment Company'.

Visit www.the-ascott.com for more information and connect with us on social media at www.the-ascott.com/connect.

About CapitaLand Limited

CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.

The company's diversified real estate portfolio primarily includes homes, offices, shopping malls, serviced residences and mixed developments. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services in its markets.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust, CapitaRetail China Trust and Quill Capita Trust.