Ascott to open first international serviced residence in Cambodia

SERVICED residence operator The Ascott Limited, a unit of property group CapitaLand, has bagged a contract to manage its first serviced residence in Cambodia as it expands further in South-east Asia.

The serviced residence, called Somerset Norodom, will open in Phnom Penh in 2018, Ascott said in a Singapore Exchange filing on Friday.

It added that this would be Cambodia's first international serviced residence.

The property will add another 105 apartment units to Ascott's South-east Asian portfolio, bringing its total in the region to over 13,000 units in 74 properties across nine countries, Ascott said.

Its foray into Cambodia comes after it secured management contracts for one new property in the Philippines and four in Pattaya, Thailand, earlier this month.