CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has won a contract to manage another serviced residence in Hanoi, Vietnam. The 252-unit Somerset West Central Hanoi will open in 2016. The contract follows the recent opening of the 100-unit Somerset Vista in Ho Chi Minh City. Together, these reinforce Singapore-based Ascott’s position as the largest international serviced residence owner-operator in Vietnam with over 1,800 apartment units across 13 properties in four cities – Ho Chi Minh City, Hanoi, Hai Phong and Danang.
Mr Alfred Ong,
Ascott’s Managing Director for Southeast Asia and Australia, said: “Ascott has established a presence in Vietnam for close to two decades and we remain confident in the long-term economic outlook of the emerging country, underpinned by its large, young workforce and pro-growth policies. Our serviced residences in Vietnam have maintained occupancies of over 80%.”
Mr Ong added: “The addition of Somerset West Central Hanoi and Somerset Vista Ho Chi Minh City will allow us to better cater to the accommodation demand in Vietnam’s two largest cities. We will also enjoy greater economies of scale in our operations. Moving forward, Ascott will open properties in other key growth cities of Vietnam. Our first property in Hai Phong – Somerset Central TD Hai Phong City will open in 2014, while our first property in Danang – Somerset Danang Bay will open in 2015.”
Source