Citadines enters PH market

An artist’s conception of the Citadines Salcedo Makati building.

Ascott Ltd., the world’s largest owner and operator of serviced residences, has opened the first Citadines-branded serviced apartments in the country to cater to a new and growing market of expatriates and business travelers.

Citadines Salcedo Makati, in the country’s premiere business district, will be the first of three property projects that Ascott will open between now and 2015, with the two others being Ascott BGC (end of 2014) and Citadines Millennium Ortigas Manila (2015).

“We believe that the Philippine economy will continue to grow, leading to greater interest among both investors and tourists,” Arthur Gindap, Ascott’s regional general manager for the Philippines and Thailand, said in a statement issued Friday.

“In light of this, it was easy for the brand to decide on expanding its operations in the Philippines to take advantage of the growing market segment of expatriates and business travelers who are expected to arrive and ride the country’s growth wave,” Gindap said.

The company is bullish that given the sustained economic growth of the Philippines, which has attracted more foreign investors to take a look at the country, the demand for residential, office and leisure spaces will also continue to grow steadily.

“The Philippines’ newfound status as Asia’s rising star is bringing more investors into the country, boosting economic activity. With the Philippines expected to stay in the growth path in the years ahead, the Ascott stands ready to grow with the country as it opens its new serviced residence,” it added.

Citadines Salcedo Makati will offer a total of 215 units of varying room types, namely, a studio, a one-bedroom, or a two-bedroom apartment that will come with a full equipped kitchen, separate living and sleeping areas, wireless Internet access and IDD phone facilities.

Another plus factor is its proximity to various corporate offices such as the Citibank Tower, Ayala Tower, and the Philippines Stock Exchange, as well as leisure areas such as restaurants, bars, and lounges.

Residents will also have access to the different amenities that Citadines Salcedo will offer such as a fitness center, 25-meter lap pool overlooking the city, and self-service launderette.

“Our serviced residences allow residents to enjoy the convenience of being close to their offices while also keeping them close to the country’s best entertainment and relaxation options. In doing so, we hope to provide our residents a good stay while at the same time showcasing some of the best offerings of the Philippines,” Gindap added.

Singaporean firm Ascott has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, and another 9,000 units under development.

It operates three brands: Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 16 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.

In the Philippines, Ascott manages the Ascott Makati; Somerset Millennium Makati; and Somerset Olympia Makati.