The Ascott Limited, the serviced residence arm of CapitaLand, has clinched a contract to manage the 100-unit Somerset Vista Ho Chi Minh City in Vietnam.
Scheduled to launch in December, the serviced residence is part of The Vista, a prime residential development by CapitaLand together with Thien Duc Trading Construction and Phu Gia Investment Joint Stock Company.
Ascott will also manage the 168-unit Vista Residences within The Vista, which will be available for lease in November.
These latest additions further strengthen Ascott’s position as a leading serviced residence owner-operator in Vietnam, with over 1,600 apartment units across 11 properties in four cities.
“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,” said Alfred Ong, Managing Director for Southeast Asia and Australia at Ascott.
He added that the company sees strong growth potential in Ho Chi Minh City’s District Two, as the government plans to transform the area into a new commercial and financial centre.
“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,” Ong said.
Moving forward, Ascott plans to open more properties in Vietnam, such as Somerset Central TD Hai Phong City and Somerset Danang Bay, set to open in 2013 and 2014 respectively.
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