It will be managing its first serviced residence in the country – Somerset Norodom – which will open in Cambodia’s capital and economic hub of Phnom Penh in 2018.
Adding another 105 apartment units to Ascott’s Southeast Asian portfolio, it will bring the total holdings 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.
Lee Chee Koon, Ascott’s CEO, 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.”
Lee added, “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. 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.”
The Ascott is the first international serviced residence operator in Cambodia, granting it a first-mover advantage in what is currently an underserved accommodation market. Lee explained that Ascott had been expanding its presence in cities where it had a presence, as well exploring new markets.
2015 has seen Ascott’s portfolio this year expand to Cebu in the Philippines; Istanbul in Turkey; Kota Kinabalu and Miri in Malaysia; Pattaya in Thailand; Yogyakarta in Indonesia; and Nantong in China. Ascott is also exploring options in the US market via property acquisitions in New York through their REIT unit, Ascott Residence Trust.
Their latest asset, the Somerset Norodom Phnom Penh, will be part of a 28-storey mixed-use development bordered by Norodom and Monivong boulevards, which grants it access to the city centre. Embassies and the offices of foreign banks and multinational corporations such as Microsoft and Japan International Cooperation Agency are within close proximity to it.
According to Ascot, 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.
Some of the assets being offered to expatriates and business travellers are fully furnished apartments ranging from spacious studio to two-bedroom apartments. It has serviced residence offering a swimming pool, children’s wading pool and playroom, gymnasium, sauna and residents’ lounge, in addition to 24-hour reception and security, housekeeping, laundry & dry cleaning services.