Ascott Strengthens Market Leadership With Debut In Cambodia

CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited, has extended its global footprint to the fast-developing market of Cambodia by securing a contract to manage its first serviced residence in the country.

The serviced residence, called Somerset Norodom, will open in Cambodia’s capital and economic hub of Phnom Penh in 2018. The property will add another 105 apartment units to Ascott’s Southeast Asian portfolio, bringing its total in the region to over 13,000 units in 74 properties across nine countries. The expansion comes hot on the heels of the company securing five properties in Cebu, the Philippines and Pattaya, Thailand early this month.

The group is bullish about the growth potential of the Southeast Asian markets. The establishment of the ASEAN Economic Community in a few months’ time bodes well for the group, as it will further boose the competitiveness and connectivity of the region, and increase business activities and foreign direct investments in the markets.

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