Somerset Norodom Phnom Penh Facade — Photo by The Ascott Limited

Singapore – CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), has extended its global footprint to the fast-developing market of Cambodia by securing a contract to manage its first serviced residence in the country. Somerset Norodom will open in Cambodia's capital and economic hub of Phnom Penh in 2018. The property will add another 105 apartment units to Ascott's Southeast Asian portfolio, bringing its total in the region to over 13,000 units in 74 properties across nine countries. The expansion comes hot on the heels of the company securing five properties in Cebu, the Philippines and Pattaya, Thailand early this month.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "We are bullish about the growth potential of the Southeast Asian markets. The establishment of the ASEAN Economic Community in a few months' time bodes well for Ascott, as it will further boost the competitiveness and connectivity of the region, and increase business activities and foreign direct investments in the markets. With our entry into Cambodia, Ascott is now present across nine out of 10 countries in ASEAN, giving us a strong foothold in the region." "Cambodia has achieved sustained economic growth amid greater political stability. We expect demand for serviced residences to grow given its economic progress and the absence of international-standard serviced residence in the country. As the first international serviced residence operator in Cambodia, Ascott will gain first-mover advantage to capture the bunderserved accommodation segment."

Mr Lee added: "Ascott has been expanding aggressively in cities where we have presence while foraying into new markets to extend Ascott's global reach. With this latest property in Cambodia, we have added nine new cities to Ascott's portfolio this year. We entered Cebu in the Philippines; Istanbul in Turkey; Kota Kinabalu and Miri in Malaysia; Pattaya in Thailand; Yogyakarta in Indonesia; Nantong in China; and also expanded to the United States of America through the acquisition of a prime property in New York by our real estate investment trust, Ascott Residence Trust. We will continue to look for opportunities to increase our scale and bring our expertise to more countries to strengthen Ascott's position as a global serviced residence leader."

Somerset Norodom Phnom Penh

Somerset Norodom Phnom Penh will be part of a 28-storey mixed-use development that is located in an exclusive district. It is bordered by Norodom and Monivong boulevards – two major roads running across the city centre. Embassies, foreign banks, multinational corporations and government agencies such as Microsoft and Japan International Cooperation Agency are within close proximity. Several commercial properties are also under development in the property's vicinity, enhancing the area's vibrancy by offering more retail, food and beverage options.

Somerset Norodom Phnom Penh provides expatriates and business travellers the comforts of a home away from home with its stylish and fully furnished apartments ranging from spacious studio to two-bedroom apartments. An ideal choice for travelling families, the serviced residence will have a swimming pool, children's wading pool and playroom, gymnasium, sauna and residents' lounge. Somerset Norodom Phnom Penh will also offer 24-hour reception and security, housekeeping, laundry and dry cleaning services as well as residents' programmes to help guests settle into their new homes whether they are staying for months or years.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.

Joey Wong
Manager, Group Communications
The Ascott Limited