Ascott Limited enters Visayas through new Base Line Center

A MEMBER of CapitaLand, Ascott Limited, has entered the Visayas region with a partnership of Cebu-based property developer, Cebu Landmasters Inc.

Ascott Limited, which is one of the world’s largest international serviced residence owner and operator, will manage one of Cebu Landmasters’ newest developments, the Citadines Cebu City, a major component of the Base Line Center project.

Phase 1 involves the development of the Base Line Premier, a mid-income housing development under Cebu Landmasters, and the Citadines Cebu City serviced residences which has a project cost of P3 billion.

“This will be the first internationally branded serviced residences in Cebu,” said Ascott’s regional general manager for Philippines and Thailand, Arthur Gindap.

Gindap said they chose Cebu as their entry point in the Visayan market because the city was a “slam dunk of choice.”

“It’s the second business place outside of Metro Manila. Cebu places a chance for us to grow higher,” he said.

He saw Cebu as primed for success with  the increasing number of foreign direct investments coming into the city, the booming BPO sector, the increase of job opportunities available and the influx of leisure travelers in the city and the province.

He also said that Cebu’s position with the expatriate community will continue to be strengthened in the coming years, and that this is a niche market that the company is targeting.

Jose Soberano III, chairman of Cebu Landmasters, said Citadines is a major component in  Baseline Center project, which is set to be an integrated development including residential, commercial, leisure and retail spaces.

The Citadines Cebu City and Base Line Premier projects will have their groundbreaking this November. Both projects are expected to be completed in three years.

Ascott Limited has a total of five properties in the Philippines which include Ascott Makati and Ascott Bonifacio, Global City. Ascott has a presence in 92 cities around the world.