INTERNATIONAL serviced residence operator The Ascott Ltd. said on Tuesday it is targeting to be the market leader in the next five years or so with its plan to open more locations in the country.
Following the soft launch of its newest serviced residence project, Citadines Ortigas, Ascott Director for Sales and Marketing Casey Faylona said the company is planning to put up 10 to 14 projects by 2020.
“By 2020, we’re going to be one of the biggest—actually we’re going to be the biggest serviced residence provider in the country at that time. We’re counting around 10 to 14 properties in total,” Faylona said.
“There are some projects that we are looking at right now, but [they]are still in the pipeline in terms of development. There are some in Quezon City, in Araneta Center and some in North Edsa, we’re looking at that,” he said, but declined to give further details.
On Tuesday, The Ascott held the soft launch of its seventh mixed-use project, a 32-story condominium and hotel tower on Ortigas Avenue in Pasig City. The project is in partnership with real estate developer CDC Holdings, Inc.
Millennials and professionals are the target market of Citadines.
“Serviced residences [are]somewhat unique in this area because mostly it’s predominantly controlled by, of course, Shangri-La [Group] … but then it is a niche market in terms of the value of the service that we provide because some of our clientele who stay in this area are mostly long-term basis, so they require something like the kitchen. It gives a different perspective on how Ascott is moving forward in terms of development,” Faylona said.
“There’s the demand for serviced residences and there’s the demand for condominiums. I think that is the ongoing trend right now,” he added.
Ascott offers one-bedroom units, two-bedroom units, and three-bedroom units ranging from 35 square meters (sqm) in size to 75 sqm.
The hotel component will be located from the 4th to the 24th floors while the residential component will be offered from the 25th to the 30th floors. The first floor will have the main lobby and two restaurants, also handled by Ascott.
“I think how to make it unique would be just the service that we provide in terms of our clientele. That sets us apart from other properties,” the executive said.
The Citadines is one of a handful of projects developed by international companies in Ortigas. Another is Oakwood Residences.
“The US Embassy is starting to pick up in this area as well… so it’s becoming to be a next destination for that market,” Faylona said, adding that this gives the company a more positive outlook for the Citadines.