Ascott Extends Footprint to Danang, Vietnam's Fourth Largest City
Somerset Danang Bay will be the first international brand of serviced residence in Danang
Singapore, 27 March 2010 – CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded a contract to manage a serviced residence in Danang, the fourth largest city in Vietnam, by Korea Investment & Development Co., Ltd. The latter is an established real estate consortium that specialises in commercial and residential developments across major cities in Vietnam.
The serviced residence will be named Somerset Danang Bay and will be the first international brand of serviced residence in Danang. With this addition, Ascott will further strengthen its position as the largest international serviced residence owner-operator in Vietnam. It will now have more than 1,300 apartment units in eight properties across four cities including Ho Chi Minh City, Hanoi and Hai Phong.
Currently under development, Somerset Danang Bay is part of Blooming Tower Danang, a mixed-use development that comprises two 37-storey residential towers and a three-storey podium for commercial retail and recreational uses. It will be one of the tallest towers in the city, providing a spectacular view of the Danang Bay.
Located in Thuan Phuoc Ward, Hai Chau District, Somerset Danang Bay is a five-minute drive from Danang's Central Business District and a 15-minute drive from the Danang International Airport, Vietnam's third busiest airport. The serviced residence property is scheduled to be completed in 2012.
Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said, “Our expansion into Danang, our fourth city in Vietnam, will allow Ascott to tap on the strong demand for serviced residences in the country. Danang has enjoyed an exponential increase in foreign direct investments. The rapid development of its industrial parks, export processing zone, petrochemical industry and sea port activities has also been attracting a large number of expatriates to the city. With the influx of foreigners, we expect demand for both long- and short-term accommodation in Danang to soar. The new Somerset Danang Bay will further consolidate Ascott's leadership position in the fast growing market and we are on track to expanding our Vietnam presence to 1,800 units by 2012.”
Mr Shin Yongkyu, President, Korea Investment & Development Co., Ltd, said, “We are glad to partner Ascott in launching Somerset Danang Bay. Being the world's largest international serviced residence owner-operator, Ascott has the expertise and extensive experience in providing quality accommodation and personalised services. Coupled with its award-winning track record and solid reputation, we are confident that Somerset Danang Bay will do well in attracting discerning travellers from around the world by providing them an ideal home away from home.”
Danang, with its international airport, commercial sea port and north-south land routes and railways, is the economic gateway to Central Vietnam and the East-West Economic Corridor spanning Vietnam, Laos, Thailand and Myanmar. As an indication of its trade potential, Danang was ranked first in the Vietnam Chamber of Commerce and Industry's provincial competitiveness index consecutively in 2008 and 2009.
With 121 units ranging from one- to three-bedroom premier apartments which come with ensuite kitchen and bathroom, Somerset Danang Bay will cater to leisure and business travellers with a myriad of modern recreational and business facilities such as a fitness centre, a swimming pool, a resident's lounge, a business centre and a meeting room in the property.
About The Ascott Limited
Ascott is the world's largest international serviced residence owner-operator with over 19,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as around 6,000 units which are under development, making a total of 25,000.
The company operates three brands – Ascott, Somerset and Citadines. Its portfolio spans 68 cities in 22 countries, 11 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class serviced residence in 1984. It also established the world's first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 26-year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include DestinAsian Readers' Choice Awards 2010 'Best Serviced Residence in Asia Pacific', TTG Travel Awards 2009 'Best Serviced Residence Operator', Business Traveller UK Awards 2009 'Best Serviced Apartment Company', Business Traveller Asia Pacific Awards 2009 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia Pacific' and TTG China Travel Awards 2009 'Best Serviced Residence Operator in China'.
About CapitaLand Group
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed subsidiaries and associates of CapitaLand include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust and CapitaRetail China Trust.