Philippines: The Ascott Ltd has announced that projects due for launch in the Philippines are poised to its local market share to 80 per cent in 2015.
This will be up from the current figure of around 70 per
Ascott's regional general manager for the Philippines and Thailand, Arthur Gindap, said: "Ascott is the leader in the serviced apartments segment, we're very dominant. We'll continue to work to grow our market share, maybe another 10 to 15 per cent. In terms of international-branded service apartments, we probably have a 70 per cent to 75 per cent market share, so why not more?"
The launch of Citadines Millennium Ortigas Manila, Ascott's latest serviced apartment project scheduled to open by the third quarter of 2015, will bring the company above the 80 per cent mark in the Philippines.
"I think the property sector will continue to do well. I think we've done well over many years and I don't know whether the growth will be as big as before, but I think we will continue to grow," added Gindap.
Ascott manages serviced residences at Somerset Olympia Makati, Somerset Millennium Makati, Ascott Makati and Citadines Salcedo Makati. It will also open Ascott Bonifacio Global City Manila and Somerset Alabang Manila by the fourth quarter of the 2014 and in 2017, respectively.