SG Ascott to see 15 percent boost in Philippine revenue
Property Here - Wednesday, April 17, 2013
By Nikki De Guzman:
The Ascott Limited (Ascott) expects its serviced residence business in the Philippines to grow 15 percent to PHP1.15 billion (S$34.31 million) this year, as occupancy rates are expected to hit as high as 90 percent.
“This industry is very market driven,” said Arthur Gindap, Regional Manager for the Philippines and Thailand at the topping out ceremony for Ascott’s new property in Bonifacio Global City.
“We are banking on the arrival of more corporate visitors.”
The PHP1billion (S$29.84 million) development is Ascott’s second property in the country, after the Ascott Makati, and is expected to add 220 units to the operator’s portfolio in 2014.
Although Ascott is leading the project’s management team, it has no investment capital in the property.
“The developers are a group (of) Filipino investors whose identities I am not at liberty to say,” Gindap noted.
He added that the investment grade rating from Fitch Ratings and the previous upgrades from Moody’s and Standard & Poor’s have helped the country attract investors.
“With a steady stream of corporate headquarters and high-value companies moving into Bonifacio Global City, Ascott Bonifacio Global City Manila will cater to a growing market of expatriates and business travelers looking for that home away from home experience.”
Image: Artist's impression of Ascott Bonifacio Global City in Manila
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email email@example.com