Cambodia: Ascott’s first serviced apartment property in Cambodia, Somerset Norodom, will open in Phnom Penh in 2018.
The property will add another 105 apartment units to Ascott's
south-east Asian portfolio, bringing its total in the region to
more than 13,000 units in 74 properties across nine
Somerset Norodom Phnom Penh will be part of a 28-storey mixed-use development that is bordered by Norodom and Monivong boulevards - two major roads running across the city centre.
Apartments will range from studios to two-bedroom apartments, with amenities including 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.
Lee Chee Koon, Ascott's CEO, said: "We are bullish about the growth potential of the south-east 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 underserved accommodation segment." he added.