The Ascott Limited announced last Friday to have secured a management contract for a property project in the capital city of Hanoi, following a recent opening of the 100-unit Somerset Vista in HCMC.
The Singapore-based company said the new development named Somerset West Central Hanoi will join the local serviced apartment market with 252 units, allowing the company to better meet the accommodation demand in the country.
With the addition, the company further strengthens its position as the largest international serviced residence owner-operator in Vietnam with over 1,800 apartment units in 13 properties across four major cities including Hanoi, HCMC, Hai Phong and Danang.
Somerset West Central Hanoi will be situated in the Nam Trung Yen New Urban Area in Cau Giay District. When in place by 2016, the property will offer apartments ranging from studio, one- to three-bedroom units, which will be fully furnished with a well-equipped kitchen, separate work and living areas and home entertainment system.
“We remain confident in the long-term economic outlook of the emerging country, underpinned by its large, young workforce and pro-growth policies,” said Alfred Ong, Ascott’s managing director for Southeast Asia and Australia, adding Ascott’s serviced residences in Vietnam have maintained occupancies of over 80%.
Besides the property, Ascott will be opening other properties in Vietnam over the next few years. These include its first property in Hai Phong – Somerset Central TD Hai Phong City, which will open in 2014, and first property in Danang – Somerset Danang Bay, in 2015.
Ascott is a wholly-owned subsidiary of CapitaLand Limited, managing serviced apartments in Vietnam for nearly two decades. Besides running four properties in Hanoi, Ascott currently operates four properties in HCMC, including Somerset Chancellor Court, Somerset HCMC, Somerset Vista and Vista Residences.
The Saigon Times Daily