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Ascott Opens Its First Serviced Residence In Cambodia

11-07-2017 01:00 PM CET | Industry, Real Estate & Construction

Press release from: The Ascott Limited

Singapore, 7 November 2017 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has today opened its first serviced residence in Cambodia, CASA Meridian Residence, in Phnom Penh’s up-and-coming residential and retail hub of Diamond Island (Koh Pich). CASA Meridian Residence offers 75 fully-furnished residences on the top 13 floors of the 34-storey integrated development CASA by Meridian, which also comprises a high-end shopping mall, premium office spaces and wellness facilities.

The serviced residence provides unparalleled conveniences to travellers and expatriates who value a balanced lifestyle in the heart of the capital Phnom Penh, as the property is within minutes' drive from an array of amenities such as the AEON shopping mall, international schools, conference and exhibition centres, embassies, premium offices, Jet’s Container night market, and the entertainment complex NAGA World.

Ms Lew Yen Ping, Ascott’s Country General Manager for Vietnam who oversees the company’s expansion in Cambodia, Myanmar and Laos, said: “Ascott has built a strong brand reputation and expertise in managing world-class serviced residences over the last 30 years. We expect significant demand for our first property in Cambodia, CASA Meridian Residence, as it is the first international-standard serviced residence in the country’s capital and economic hub Phnom Penh. In addition, Cambodia has achieved sustained economic progress and strong international tourist arrivals. Ascott will be able to leverage first-mover advantage as we open our second property in the city – Somerset Norodom Phnom Penh in 2018. CASA Meridian Residence will provide corporate travellers, expatriates and their families a balanced living experience, the comfort of home and Ascott’s signature hospitality by our well-trained team.”

Ms Lew added: “With our entry into Cambodia, Ascott is now present in nine out of 10 countries in ASEAN, giving us a strong foothold in the region. ASEAN member states recently signed pacts to boost transport links to make it easier for cross-border travel. With greater connectivity, business activities and investment are expected to increase, driving demand for serviced residences. We will continue to explore opportunities to grow Ascott’s presence in Cambodia and other ASEAN markets to reap benefits from greater economies of scale and expand our network of properties for customers.”

CASA Meridian Residence provides a wide selection of apartments between levels 22 and 34 across two towers. These range from cleverly designed studio apartments ideal for single executives travelling for business, to sleek and modern one-, two- or three-bedroom apartments that can comfortably accommodate up to six persons. Every apartment features contemporary furnishings, well-defined living and dining areas, as well as fully-equipped kitchen. Residents can also enjoy a comprehensive range of lifestyle facilities including an infinity swimming pool, children’s wading pool, jacuzzi, indoor playroom, yoga room, sauna, club house, and fully-equipped gymnasium as well as business support amenities such as a conference room, meeting room, and serviced offices for rental.

To celebrate the opening of CASA Meridian Residence, Ascott is offering special introductory rates starting from USD 1,150+ per month from now until 31 December 2017. For reservations, or more information, please visit www.the-ascott.com, call +855-23-972888 or email enquiry.phnompenh@the-ascott.com.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 43,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 26,000 units which are under development, making a total of close to 70,000 units in over 500 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection, and lyf. Ascott’s portfolio spans more than 120 cities across over 30 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2017 for ‘Best Serviced Residence Operator in China’; Business Traveller Asia-Pacific Awards 2017 for ‘Best Serviced Residence Brand’; Business Traveller UK Awards 2017 for ‘Best Serviced Apartment Company’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$80 billion as at 30 June 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 150 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.

CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

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