Ascott Expands in Vietnam With New Properties In Ho Chi Minh City
The Ascott Limited is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region.
Singapore, 29 October 2012 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded a contract to manage a 100-unit serviced residence in Ho Chi Minh City, Vietnam. The new Somerset Vista Ho Chi Minh City is slated to open in December this year. It is part of The Vista, a premier residential development by CapitaLand, Thien Duc Trading Construction Co., Ltd and Phu Gia Investment Joint Stock Company. Ascott will also manage Vista Residences, a 168-unit property within The Vista that will be available for lease this November. With the additions, Ascott further consolidates its position as the largest international serviced residence owner-operator in Vietnam with over 1,600 apartment units in 11 properties across 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 established its presence in Ho Chi Minh City more than 15 years ago and we have always enjoyed strong occupancies for our two serviced residences in the city’s central urban district of District One. With the government’s plans to transform Ho Chi Minh City’s District Two into Vietnam’s new commercial and financial centre, we see strong growth potential to expand into the area. Somerset Vista Ho Chi Minh City and Vista Residences, with their strategic location in District Two, proximity to facilities such as international schools, elegant design and quality product finishes, will appeal to expatriates and families with children looking for quality accommodation.”
He added: “Somerset Vista Ho Chi Minh City and Vista Residences further affirm Ascott’s commitment to grow our business in Vietnam. We will be opening more properties in Vietnam in the next few years. These include our first property in Hai Phong – Somerset Central TD Hai Phong City which will open in 2013, and our first property in Danang – Somerset Danang Bay that will open in 2014. We will continue to look for opportunities to expand our presence in this key growth market and target to increase our Vietnam presence to 2,200 apartment units by 2015.”
About Somerset Vista Ho Chi Minh City and Vista Residences
Sited within the prime residential precinct of An Phu Ward, Somerset Vista Ho Chi Minh City and Vista Residences are close to the current central business district and conveniently accessible via the Hanoi Highway and the East-West Highway. The properties are near the Metro Hypermarket, An Phu Supermarket and prestigious educational establishments such as the British International School Ho Chi Minh City, Australian International Saigon School and International School of Ho Chi Minh City. In addition, they are connected to the medical clinic, retail outlets and office facilities within The Vista.
Somerset Vista Ho Chi Minh City and Vista Residences will both offer apartments ranging from two- to four-bedroom units. Each apartment at Somerset Vista Ho Chi Minh City will also come fully furnished with a well-equipped kitchen, separate work and living areas, home entertainment system as well as other modern amenities.
Residents of both properties can enjoy an extensive array of facilities such as a 50-metre lap pool that overlooks beautifully landscaped gardens, a children’s pool and playground, a gymnasium with state-of-the-
About The Ascott Limited
The Ascott Limited is a Singapore brand which has grown to be the world's largest international serviced residence owner-operator. It has over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as about 8,000 units which are under development, making a total of more than 30,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 14 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-
Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers’ Choice Awards 2012 for ‘Best Serviced Apartment’, TTG Travel Awards 2012 for ‘Best Serviced Residence Operator’, TTG China Travel Awards 2012 for ‘Best Serviced Residence Operator in China’, Business Traveller Asia-Pacific Awards 2012 for ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’
About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.