The Ascott Limited, a wholly-owned serviced residence business unit of CapitaLand, has entered into a conditional joint venture (JV) agreement with Thuy Duong Investment Joint Stock Company to acquire a 90 percent interest in Somerset Central TD Hai Phong City in Vietnam for S$11.4 million (US$9.45 million).
The acquisition will give Ascott control of the property and enhance its value. When officially open in H2 2012, the 132-unit Somerset Central TD Hai Phong City will be the first international brand of serviced residences in Hai Phong.
“Our strategy for Southeast Asia is to invest in key cities with strong potential for serviced residences,” said Lim Ming Yan, Chief Executive of Ascott.
“Vietnam is one of our key markets in Southeast Asia and we hold a long-term view of our investments in the country. Vietnam’s pro-business regulatory environment and growing educated workforce will continue to attract multinational companies to set up operations.
This will in turn generate demand for serviced residences. We are glad to be able to add Somerset Central TD Hai Phong City to our portfolio of quality properties.”
Located in Vietnam’s new Central Business District (CBD), Somerset Central TD Hai Phong City is less than a 30-minute drive from the industrial parks and seaport which are attracting a large number of expatriates. It is also part of the landmark TD Plaza, a modern and luxurious integrated development comprising a condominium tower, an office block and a five-storey shopping complex.
Alfred Ong, Managing Director for Southeast Asia and Australia at Ascott, said, “The development of Hai Phong is one of the Vietnamese government’s top priorities.”
“By investing in Somerset Central TD Hai Phong City, we will be able to gain first mover advantage as there is no international serviced residence in Hai Phong,” he said.
Units at Somerset Central TD Hai Phong City range from studio to three-bedroom apartments and features facilities such as a swimming pool, business centre, gymnasium, children’s playroom and residents’ lounge. Its residents will be able to enjoy a complete lifestyle experience at the adjoining shopping complex, which houses the Parksons Department Store, a café, food court, an eight-theatre cineplex, a supermarket, bowling centre and restaurants.
To contact the journalist, you may send your message to editor@propertyguru.com.sg