Singapore Real Estate Firm Eyes Cambodia’s Hotel Market

• Proeksa Meas
• 19 September 2018
• Local News
• 2401 Views

Ascott Limited, a Singapore-based serviced residence owner-operator, is keen to expand its business hotels into Southeast Asia with Cambodia being one of the company’s immediate targets, according to their press release.

With the rapidly growing economy across the ASEAN region, Ascott plans to add another 20,000 keys over the next five years. This will increase the company’s hotel portfolio to over 41,000 keys across the region.

Speaking during the announcement of the company’s capital investment for the TAUZIA Hotel Management (TAUZIA) in Indonesia, Mr Kevin Goh, Ascott’s Chief Executive Officer said that the company will be leveraging Ascott’s global network of about 100,000 corporate clients to bring TAUZIA to international markets.

“Markets with immediate demand include Malaysia, the Philippines, Thailand and Vietnam, as well as secondary cities in Cambodia, Laos and Myanmar,” said Mr Kevin Goh.

In an email response to Construction & Property Magazine, Ascott spokesperson said that the company is open to opportunities in gateway cities in Cambodia such as Phnom Penh.

However, regarding the exact time frame of the expansion plan, the spokesperson said that it will depend on the opportunities that may arise.

The move came as result of Southeast Asia’s rapid economic expansion, flourishing tourism industry, rising consumption, and huge influx of foreign investments which will generate more investment and job opportunities thus fuelling greater demand in the region’s hospitality business.

Ascott is a member of Asia’s largest real estate company CapitaLand providing serviced residence units and hotel rooms of over 94,000 units in over 630 properties across the globe.

Singaporean hotel brands have been taking more of a foothold in Cambodia,with the most notable being the recent acquisition of two Raffles hotels in Cambodia by Singapore-based hotel management platform Lodgis Hospitality Holdings Pte. Ltd. (Lodgis). (Read more )

• Projects Development