Driven by the bullish prospects of the Philippine economy, Singapore-based Ascott Ltd. targets to double its Philippine properties to 20 to 25 by 2020.
The owner and operator of luxury serviced residences is optimistic about expanding in the country, Arthur Gindap, Ascott regional general manager for Philippines and Thailand, told reporters in a briefing on Monday.
Doubling the number of its properties in the Philippines would translate to over 5,000 serviced residential units.
“We think we can do 20 to 25 properties by 2020,” Gindap said.
The properties will be under Ascott’s different brands, namely Ascott, Citadines, and Somerset, as well as two upcoming brands Lyf and The Crest Collection.
Ascott has 11 properties in the Philippines, five of which are in business with the rest under development.
The 11 properties comprise 2,346 units with the five operational properties accounting for 1,078 units, while the remaining six properties in the pipeline amount to 1,268 units.
The operating are The Ascott Makati , Somerset Millenium Makati, Citadines Salcedo Makati, Somerset Olympia Makati and, The Ascott Bonifacio Global City (BGC), the first serviced apartments in BGC.
The properties under development include The Somserset Alabang Manila inside Filinvest City in Muntinlupa, which is set to open by the end of July; Citadines Millennium Ortigas, set to open in the fourth quarter of this year; Citadines Cebu City, the firm’s first foray outside of Metro Manila, to be opened in 2019; and Citadines Manila Bay in Bay City area which is to open also in 2019.
Gindap noted two more properties in the pipeline, which he declined to disclose at this point “… but I’m not at liberty to say where they are.”
As a foreign company, Ascott is not into property development but property management.
“We cannot build… We work with developers, or families. They develop, we manage,” Gindap said,” We are not investors, we are managers.”
He said Ascott is currently in talks with various groups. “We are in discussions with at least 10 different organizations in different locations.”
“We really feel very strong and bullish about the Philippines. We’re in a great, great perfect position now being one of the earlier brands to come into the country… People like our brand story and so we’re being invited to different places,” Gindap said.
In the same briefing, Gindap noted the firm is spending $25 million for the renovation of The Ascott Makati, which will take around 2 years or until 2017 for the two towers.