SINGAPORE (July 26): CapitaLand’s wholly-owned service residence business unit, The Ascott Limited, has entered into a strategic alliance with Filipino developer Cebu Landmasters to manage a total of 1,600 units by 2022.

Under the alliance, both parties will seek properties for CLI to develop into serviced residences to be managed by Ascott.

Ascott and CLI have signed management contracts for their first four properties in the Philippines – namely Citadines properties in Bacolod, Cebu and Davao as well as a lyf branded property in Cebu – to open over the next five years from 2019 to 2021.

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