Ascott wins contract for Vietnam-based property

The 252-unit serviced residence is set to open in 2016.

According to a release, 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, 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 progrowth policies. Our serviced residences in Vietnam have maintained occupancies of over 80%."

Somerset West Central Hanoi will be strategically situated in the Nam Trung Yen New Urban Area in Cau Giay District, slated to become the new central business district of Hanoi. The serviced residence will serve the accommodation needs of corporate clients located in the area.

Currently, the area houses the offices of government ministries in Vietnam such as the Ministry of Home Affairs and Ministry of Public Security as well as multinational companies such as Standard Chartered, KPMG and PricewaterhouseCoopers.

As part of an integrated development, Somerset West Central Hanoi will be conveniently linked to a Parkson department store. It is within walking distance to the Big C hypermarket and National Conference Centre. The Noi Bai International Airport and existing city centre are also within a 30-minute drive from the serviced residence.

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