Ascott forms strategic partnership with Cebu Landmasters to manage 1,600 serviced apartments by 2022

By Michelle Zhu / The Edge Singapore | July 26, 2018 7:58 PM SGT
CapitaLand’s wholly-owned service residence business unit, The Ascott Limited, has entered into a strategic alliance with Filipino developer Cebu Landmasters Inc. (CLI) to manage a total of 1,600 units by 2022.
Under the alliance, both parties will seek properties for CLI to develop into serviced residences to be managed by Ascott.
Ascott and CLI have signed management contracts for their first four properties in the Philippines – namely Citadines properties in Bacolod, Cebu and Davao as well as a lyf branded property in Cebu – to open over the next five years from 2019 to 2021.
ADVERTISEMENT
The four properties offer over 800 units collectively, and also marks Ascott’s entry to the city of Bacolod.
Ascott’s latest partnership increases its portfolio in the Philippines to over 4,300 units, inclusive of new units under another management contract that it signed separately with another property owner for Citadines Roces Quezon City, which will open in 2023.
The 200-unit Citadines Bacolod City, the latest property sealed under Ascott’s strategic alliance with Cebu Landmasters Inc. will open in 2021 (Credit: The Ascott Ltd)
To read further:
Follow Us On
facebooktwitterinstagramwechatlinkdinyoutube
Our Sites
singaporemalaysia
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.