PHNOM PENH, Cambodia, March 27, 2024 /PRNewswire/ -- The Ascott Limited (Ascott), a wholly-owned lodging business unit of CapitaLand Investment (CLI), has unveiled a landmark collaboration with Overseas Cambodian Investment Corporation Ltd (OCIC) to oversee the management of Somerset Diamond Bay Garden Phnom Penh. The collaboration between Ascott and OCIC, a respected owner-developer in Cambodia, signifies a groundbreaking strategic alliance and represents a significant milestone in upscale international hospitality for the region.
Representatives of OCIC (left) and The Ascott Limited (right) at the signing ceremony
In recent years, Cambodia's hospitality industry has witnessed remarkable expansion, drawing the interest of travellers from near and far. With a growing desire for authentic experiences, eco-friendly accommodations have seen a surge in demand, reflecting a broader trend toward sustainability. Additionally, visitors are increasingly prioritising convenience and personalised services, prompting accommodation providers to elevate their offerings to meet these expectations. Besides, the country's commitment to sustainable tourism has further spurred the development of eco-conscious lodging options, emphasising environmental preservation and community involvement.
In line with this trend, Ascott introduces Somerset Diamond Bay Garden Phnom Penh - the second Somerset property in Cambodia, and a first in partnership with OCIC through this agreement. Renowned for its versatility in catering to various travel needs, Somerset has been particularly favoured by families seeking both long-term relocations and short-stay vacations. As Cambodia's tourism sector continues to rebound, Somerset Diamond Bay Garden Phnom Penh is poised to become a sought-after destination for families and eco-conscious travellers alike in the land of Angkor Wat. Somerset embraces the spirit of togetherness in a welcoming, inclusive, and homely environment. The second largest global brand within Ascott's portfolio, Somerset aims to create a stay where families of all generations can share joyful moments, forge lasting memories, and make a positive impact on their journey.
Strategically located southeast of Phnom Penh, Somerset Diamond Bay Garden Phnom Penh is nestled within the Diamond Island project, Koh Pich. This area is renowned for its family-friendly urban environment, featuring well-manicured parks and green spaces ideal for relaxation and outdoor activities. The property offers a comprehensive serviced residence experience, complemented by a range of nearby amenities such as international schools, hospitals, shopping malls, and a convention centre. This prime location ensures convenience and accessibility for residents and visitors alike, making Somerset Diamond Bay Garden Phnom Penh an ideal choice for both short-term and long-term stays.
Mr. Thierry Tea, Vice President of OCIC, expressed his enthusiasm about the collaboration, stating: "We are excited to collaborate with a world class hospitality management partner like Ascott to optimise the value of Diamond Bay Garden for our existing and future guests. Cambodia has shown its viability as a real estate investment market and as a dynamic economy with a sustained average GDP growth of 6% over the last decade. As a legacy developer, OCIC Group is incorporating some touch of innovation through key partnerships such as Ascott with the Somerset brand to get closer to global standards."
The signing ceremony signifies a pivotal moment in Ascott's commitment to delivering unparalleled hospitality experiences in Cambodia, while underscoring OCIC's dedication to enriching the country's tourism landscape.
Mr. David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, Ascott, emphasised: "We are thrilled to collaborate with OCIC and anticipate Somerset Diamond Bay Garden Phnom Penh to become a premier destination for both business and leisure travellers. This new agreement expands Ascott's presence in Cambodia to six properties spanning more than 1,200 units. Somerset Diamond Bay Garden Phnom Penh offers a diverse range of accommodations, from studios to 3-bedroom units, catering to short-stay and long-stay demands in the fast-growing Southeast part of Phnom Penh. We hope that this groundbreaking collaboration will set a positive precedent for future endeavours between Ascott and OCIC."
About The Ascott Limited
Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with about 950 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.
Ascott's diversified accommodation offerings span serviced residences, coliving properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.
A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
This year, Ascott marks 40 years in hospitality service with the launch of Ascott Unlimited, a full year campaign that will offer Unlimited Opportunities, Unlimited Choices, Unlimited Freedom, and Unlimited Good. Navigating a future of unlimited possibilities against a backdrop of global change and evolving perspectives of travel, Ascott Unlimited marks Ascott's ambitions to break new ground, and springboard to its next chapter of growth as a global hospitality company. Find out more about Ascott Unlimited at www.discoverasr.com/ascottunlimited.
For more information on Ascott and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Alternatively, connect with us on Facebook, Instagram, TikTok and LinkedIn.
About CapitaLand Investment Limited (www.capitalandinvest.com)
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 December 2023, CLI had S$134 billion of assets under management as well as nearly S$100 billion of funds under management (FUM) held via six listed real estate investment trusts and business trusts and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics, self-storage and data centres.
CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and commercial management, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
Website: www.discoverasr.com/the-ascott-limited.
Important Notice
This announcement and the information contained herein does not constitute and is not intended to constitute an offering of any investment product to, or solicitation of, investors in any jurisdiction where such offering or solicitation would not be permitted.
