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THE Ascott Ltd has made its foray into Cebu in the Philippines and Pattaya in Thailand by securing five new contracts to manage 875 apartment units.
With 14 management contracts signed in South-east Asia this year, Ascott has added over 2,700 serviced residence units in the region. This is more than triple the number of units added in the same region for the whole of 2014.
Ascott is CapitaLand Ltd's wholly owned serviced residence business unit. The former has been ramping up its presence in South-east Asia; over 30 per cent of Ascott's global footprint is now concentrated in the fast-growing region.
Said Lee Chee Koon, Ascott's chief executive officer: "South-east Asia is shaping up to be one of the most vibrant and attractive markets for foreign investors - with a young population driving domestic demand, growing export figures and various economic policies in place to attract foreign capital. The upcoming Asean Economic Community will not only boost economic integration in the region, it will also transform South-east Asia into an economic powerhouse with a population of more than 600 million.
"We will continue to make inroads into new cities with strong growth potential and deepen our presence in the world's capital cities to achieve our target of 80,000 units globally by 2020," he added.