CDC Holdings, Ascott team up for P2.5-B Ortigas project

MANILA, Philippines - Real estate developer CDC Holdings Inc. has teamed up anew with The Ascott Ltd., this time for the P2.5-billion Citadines Millenium Ortigas Manila serviced residence.

The Ascott is the world’s largest international serviced residence owner-operator with more than 30,000 serviced residence units in 75 cities across 21 countries. It operates three brands – Ascott, Citadines and Somerset.

In a briefing yesterday, CDC Holdings executive vice-president Charlene D. Chua said Citadines Millenium Ortigas, its second project with The Ascott, will offer more than 400 serviced apartments and residential condominium units once completed by 2015.

She said 210 units will comprise serviced apartments while the other 200 will be residential units.

Located on a 1,700-square meter property at the corner of Ortigas Ave. and Sapphire St., Citadines Millenium Ortigas will offer expatriates and business travellers a choice of studios and one- to two-bedroom apartments with sizes ranging from 30 to 60 sqm.

Alfred Ong, Ascott’s managing director for Southeast Asia and Australia, said Citadines Millenium Ortigas marks the group’s first project in the Ortigas central business district and fortifies its leadership position as the largest international serviced owner/operator in the Philippines with over 1,300 apartment units across seven properties.

Ascott has built a strong presence in Makati since its entry in 2000. It currently manages Ascott Makati, Somerset Millenium Makati, Sommerset Olympia Makati and Salcedo Residences in the Philippines.   Under construction are Ascott Bonifacio Global City in Taguig and Citadines Salcedo Makati, both slated for opening in 2014.

“We see tremendous growth opportunities for Ascott in the Philippines. Foreign direct investment into the country in 2011 climbed to the highest level since 1996…We expect strong demand for our serviced residences with the increasing number of expatriates and business travellers entering the Philippines,” Ong said.

Arthur Gindap, Ascott’s country general manager for the Philippines, said the group’s expansion into Ortigas Center will allow them to “further tap on the growing accommodation demand in the country’s second most important financial district after Makati.”

Owned by businesswoman Elsie Chua, CDC Holdings has established itself as one of the recognized property developers in the country with Quadrillion Mansion in San Juan, Sommerset Millenium Suites, Platinum 1000 and Platinum 2000 in Anapolis, Greenhills as its notable projects.

CDC Holdings is targeting P1.5 billion in sales this year, nearly double the P800 million recorded in 2011.