CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), will open its first serviced residence in Cambodia, the CASA Meridian Residence, in Phnom Penh’s up-and-coming residential and retail hub of Koh Pich, according a company announcement yesterday.
CASA Meridian Residence offers 75 fully-furnished residences on the top 13 floors of the 34-storey integrated development CASA by Meridian, which also comprises a high-end shopping mall, premium office space and wellness facilities.
The serviced residence provides convenience to travellers and expatriates who value a balanced lifestyle in the heart of Phnom Penh, as the property is within a few minutes’ drive from an array of amenities such as the Aeon shopping mall, international schools, conference and exhibition centres, embassies, premium offices, Jet’s Container night market and the entertainment complex NagaWorld.
Lew Yen Ping, Ascott’s Country General Manager for Vietnam who oversees the company’s expansion in Cambodia, Myanmar and Laos, said Ascott has built a strong brand reputation and expertise in managing world-class serviced residences over the last 30 years.
“We expect significant demand for our first property in Cambodia, CASA Meridian Residence, as it is the first international-standard serviced residence in the country’s capital and economic hub Phnom Penh,” she said.
“In addition, Cambodia has achieved sustained economic progress and strong international tourist arrivals.
“Ascott will be able to leverage first-mover advantage as we open our second property in the city – Somerset Norodom Phnom Penh in 2018.
“CASA Meridian Residence will provide corporate travellers, expatriates and their families a balanced living experience, the comfort of home and Ascott’s signature hospitality by our well-trained team,” Ms Lew added.
“With our entry into Cambodia, Ascott is now present in nine out of 10 countries in Asean, giving us a strong foothold in the region.
“Asean member states recently signed pacts to boost transport links to make it easier for cross-border travel. With greater connectivity, business activities and investment are expected to increase, driving demand for serviced residences.
“We will continue to explore opportunities to grow Ascott’s presence in Cambodia and other Asean markets to reap benefits from greater economies of scale and expand our network of properties for customers.”
CASA Meridian Residence will provide a wide selection of apartments between levels 22 and 34 across two towers. These range from cleverly designed studio apartments ideal for single executives travelling for business, to sleek and modern one-, two- or three-bedroom apartments that can comfortably accommodate up to six persons.
Every apartment features contemporary furnishings, well-defined living and dining areas, as well as fully-equipped kitchens.
Residents can also enjoy a comprehensive range of lifestyle facilities including an infinity swimming pool, children’s wading pool, jacuzzi, indoor playroom, yoga room, sauna, club house and fully-equipped gymnasium as well as business support amenities such as a conference room, meeting room and serviced offices for rental.
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$80 billion as at June 30, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts and funds.