Ascott Caps Growth Year In Vietnam With New Management Contract For Somerset West Point Hanoi
New serviced residence is located in expatriate enclave of Quang An peninsula by West Lake
Hanoi, 11 November 2015 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract with The Golden Villas Company Limited to manage the 247-unit Somerset West Point Hanoi in Vietnam’s capital city of Hanoi. Slated to open in early 2017, the property is located in the exclusive expatriate enclave of Quang An Peninsula by the scenic West Lake. This new management contract also marks the fourth property Ascott has secured in Vietnam over the past year, and together with recent contracts for Ascott Waterfront Saigon, Citadines Regency Saigon and Citadines Central Binh Duong, reinforce Ascott’s position as the largest international serviced residence owner-operator in Vietnam with over 2,700 apartment units in 16 properties in Hanoi, Ho Chi Minh City, Hai Phong, Danang and Binh Duong province.
Mr Mark Chan, Ascott’s Country General Manager for Vietnam, said: “The latest addition via Somerset West Point caps a significant year that saw us grow our portfolio in Vietnam by nearly 50% and add two new brands, Ascott The Residence and Citadines Apart’Hotel, to complement our established Somerset brand in Vietnam.”
Mr Chan added: “The addition of Somerset West Point is timely and in tandem with Vietnam’s robust economic growth, fuelled by steady foreign direct investments, a growing manufacturing base and a strong export sector. We expect the recent signing of Trans-Pacific Partnership and the upcoming APEC Summit in 2017 to provide further impetus for growth. With an established platform for over two decades in Vietnam, we intend to leverage on our deep operating expertise, strong brand awareness and business network to further our growth via suitable investments, management and franchise opportunities in our existing gateway cities and other potential high-growth cities."
Ms Hoang Chi Lan, Director of The Golden Villas Company Limited, said: “With its unparalleled track record and leading position as the world’s largest international serviced residence owner-operator, we look forward to working with Ascott to develop Somerset West Point, which offers relocating executives the space and security to build a warm and comfortable home”
About Somerset West Point Hanoi
Primarily located by the scenic West Lake in an exclusive, mid-density residential area, popular among expatriates given its tranquil and scenic environment, Somerset West Point Hanoi is well-served by a plethora of international retails, food and beverage amenities fronting both Xuan Dieu and Tay Ho streets. The property is in close proximity to the main transport axis of Au Co road, well-connected to the existing CBD in Hoan Kiem area and the new CBD in west Hanoi.
Somerset West Point Hanoi will offer a range of serviced apartment types from studios, one to four-bedroom and penthouse units, enabling residents to choose an ideal apartment to suit their lifestyle needs. The stylish apartments will come with private balcony, over looking to scenic West Lake, contemporary décor, modern fittings, a fully-equipped kitchen with separate living and dining areas, home entertainment system and wireless internet access. Residents can look forward to a complete lifestyle experience, enjoy a leisurely swim in the property’s pool, work out in the gymnasium, relax at residents’ lounge and breakfast area or join in residents’ programmes organized by the unique Ascott Host.
About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 26,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Gulf region, as well as over 16,000 units which are under development, making a total of more than 43,000 units in over 270 properties.
The company operates three award-winning brands – Ascott, Citadines and Somerset. Its portfolio spans 95 cities across 27 countries, 26 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2015 for ‘Leading Serviced Apartment Brand’ and ‘Leading Serviced Apartments’ in Belgium, France, Germany, Hong Kong, Philippines, Singapore, Spain, Thailand and Vietnam, Business Traveller Asia-Pacific Awards 2015 for ‘Best Serviced Residence Brand’, Business Traveller UK Awards 2015 for ‘Best Serviced Apartment Company’, Business Traveller Middle East Awards 2015 for 'Best Serviced Apartment Company', Business Traveller China Awards 2014 for ‘Best Serviced Residence Brand’ and 'Best Serviced Residence', TTG China Travel Awards 2015 for ‘Best Serviced Residence Operator in China’ and DestinAsian Readers’ Choice Awards 2015 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit https://www.theascottlimited.com/en/aboutus/awards.
About CapitaLand Limited
CapitaLand is one of Asia’s largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia.
CapitaLand’s listed real estate investment trusts are CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.
Visit www.capitaland.com for more information.