Developer taps foreign brand for serviced apartment venture

CEBU, Philippines – Real estate developer Cebu Landmasters Inc., yesterday announced its formal entry into the condotel and serviced apartment sector through its partnership with one of the world’s biggest hotel group, the Singapore based Ascott Limited.

Cebu Landmasters is set to build 180 units of serviced apartments, which will carry the Citadines brand and will be managed by Ascott International for 10 years.

Citadines will be the first serviced-apartment property that will be managed by Ascott outside of Metro Manila.

Ascott operates five properties in the Philippines, these are Ascott Makati, Ascott Binifacio Global City Manila, Somerset Millennium Makati, Somerset Olympia Makati, Citadines Salcedo Makati, and two more will be opened this year, all in Manila.

Present in 90 cities spanning 25 countries and 90 cities around the world, Ascott, a member of CapitaLand, operates three brands; Ascott, Citadines and Somerset.

Company chairman Jose R. Soberano III said that aside from the company’s plan to expand its portfolio in the residential and commercial developments, the tourism aspect and rising demand for accommodation facilities cannot be taken for granted.

He added that with the tourism boom coupled with the development of the Mactan airport, it is now timely to test the waters of the tourism sector at the same time put additional value by ushering in a foreign brand.

Along with its vertical and horizontal projects to be started this year in Visayas and Mindanao, several plans for condotel or hospitality related projects are also in the pipeline, Soberano said at the sidelines of yesterday's groundbreaking ceremony of the first two of the four towers of the P3 billion integrated project — Base Line Center.

Moreover, a condotel project in A.S.Fortuna Street in Mandaue City will be announced within this year. Similar development is also being eyed in Mactan Island.

The 1.2 -hectare Base Line Center transforms the Cebu's old uptown landmark, the Base Line which used to be the sports and recreation hub in Cebu since 1973.

The entire development will offer 378 residential condominiums, 70 office units, condotel component is an additional value added proposition for the entire development, he said.

The first two buildings under phase one will stand on a commercial area that will feature a supermarket and food retail outlets surrounded by alfresco areas. (FREEMAN)