Singapore-based CapitaLand is bringing its renowned Ascott brand to Pattaya where it will manage four new properties that target different segments of corporate and leisure travelers. The four new properties are scheduled to open in 2018, and the expansion will see Ascott’s enter its third city in Thailand with the brand already having a presence in Bangkok and Sri Racha.
Citadines North Pattaya will be 300-units and target corporate travelers conducting business at the nearby industrial estates. The 150-unit Citadines Central Pattaya will aim to attract visitors interested in the city’s vibrant nightlife scene while Citadines Jomtien Beach Pattaya has been designed to accommodate the needs of expat workers from Rayong as well as tourists stopping by Jomtien Beach. Somerset Wong Amat Beach Pattaya will have 150 units and is a luxury resort and residential area.
The Pattaya Mail also reported that the company will expand into Cebu in the Philippines with the opening of Citadines Cebu City in 2019. The planned expansion will see Ascott add more than 2,700 serviced residence units in Southeast Asia and triples the number that was under its brand in 2014.
“Ascott has been expanding beyond the capital cities to other areas with significant growth opportunities for serviced residences,” Lee Chee Koon, Ascott’s chief executive officer, said. “For instance, Pattaya is a major city in Thailand’s Eastern Seaboard region with many multinational companies while Cebu is the second major business capital in the Philippines after Manila. Both are also popular tourist destinations.”
The new projects will allow Ascott to strengthen its position as the largest international serviced residence owner-operator in both Thailand and the Philippines, the newspaper added. At the moment, Ascott has more than 2,800 units across 16 properties in Thailand with that figure set to increase in 2018.
“We have ramped up our expansion in Southeast Asia as we see strong growth potential in the long-term. With more than 13,000 apartment units in 73 properties across eight countries in Southeast Asia, over 30 percent of Ascott’s global footprint is now concentrated in this fast-growing region,” Lee concluded.
