CapitaLand’s Ascott set to unveil maiden serviced residence in Cambodia

It’s strengthening its grasp of Southeast Asia.

CapitaLand’s wholly owned serviced residence business unit remains bullish on widening its global footprint in Southeast Asia, as it opens Somerset Norodom in the fast-developing market of Cambodia.

According to a press release by Ascott, the serviced residence will be built in Cambodia’s capital and economic hub of Phnom Penh and opened 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,” Ascott said.

Ascott is also in an expansion spree, as the project comes on the heels of the company securing five properties in Cebu, the Philippines and Pattaya, Thailand early this month.