SG Wealth Builder

To make money. To build wealth. To preserve wealth.

Stock Investing: Ascott Strengthens Its Investment Moat



Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 2,603 other subscribers

Below is a press release from The Ascott Limited, a wholly owned serviced residence unit of CapitaLand, one of the companies which I deeply admire. Ascott has been expanding aggressively lately in the South-east Asia region on the back of the soon-to-be-established ASEAN Economic Community.

CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), 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. 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.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “We are 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 Ascott, as it will further boost the competitiveness and connectivity of the region, and increase business activities and foreign direct investments in the markets. With our entry into Cambodia, Ascott is now present across nine out of 10 countries in ASEAN, giving us a strong foothold in the region.”

Somerset Norodom Phnom Penh_Facade

“Cambodia has achieved sustained economic growth amid greater political stability. We expect demand for serviced residences to grow given its economic progress and the absence of international-standard serviced residence in the country. As the first international serviced residence operator in Cambodia, Ascott will gain first-mover advantage to capture the underserved accommodation segment.”

Mr Lee added: “Ascott has been expanding aggressively in cities where we have presence while foraying into new markets to extend Ascott’s global reach. With this latest property in Cambodia, we have added nine new cities to Ascott’s portfolio this year. We entered Cebu in the Philippines; Istanbul in Turkey; Kota Kinabalu and Miri in Malaysia; Pattaya in Thailand; Yogyakarta in Indonesia; Nantong in China; and also expanded to the United States of America through the acquisition of a prime property in New York by our real estate investment trust, Ascott Residence Trust. We will continue to look for opportunities to increase our scale and bring our expertise to more countries to strengthen Ascott’s position as a global serviced residence leader.”

Somerset Norodom Phnom Penh will be part of a 28-storey mixed-use development that is located in an exclusive district. It is bordered by Norodom and Monivong boulevards – two major roads running across the city centre. Embassies, foreign banks, multinational corporations and government agencies such as Microsoft and Japan International Cooperation Agency are within close proximity. Several commercial properties are also under development in the property’s vicinity, enhancing the area’s vibrancy by offering more retail, food and beverage options.

Somerset Norodom Phnom Penh provides expatriates and business travellers the comforts of a home away from home with its stylish and fully furnished apartments ranging from spacious studio to two-bedroom apartments. An ideal choice for travelling families, the serviced residence will have a swimming pool, children’s wading pool and playroom, gymnasium, sauna and residents’ lounge. Somerset Norodom Phnom Penh will also offer 24-hour reception and security, housekeeping, laundry and dry cleaning services as well as residents’ programmes to help guests settle into their new homes whether they are staying for months or years.

REITS Master Class

Reits Masterclass
Updated: October 31, 2017 — 2:02 pm

Leave a Reply

SG Wealth Builder © 2016 Frontier Theme

Sign up for SG Wealth Builder articles

Enter your email and stay on top of things! Get the latest articles on hot stocks, career, property strategies and gold market!

Join 2,603 other subscribers

Subscribe to SG Wealth Builder
%d bloggers like this: